2025/10/10 13:10:24

Inflation in Turkey

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2025: Maintaining high inflation of 33% amid lira collapse
2024: Inflation for 5 years 734%
2023: Inflation drops and rises to 61% after presidential election
2022: Inflation slowed towards the end of the year to 64.3%
2021: Inflation rises to 36%
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2025: Maintaining high inflation of 33% amid lira collapse

The record rise in gold prices has increased the wealth of Turkish households by more than $100 billion, complicating the Central Bank's task of curbing inflation. According to his estimates, the Turks have $500 billion worth of gold under the mattress outside the financial system.

The effect of wealth stimulates consumption: the rise in gold prices for every 10% adds about $50 billion to the perceived well-being. This, according to economists, slows down the decline in inflation, which accelerated to 33.3% in September 2025.

The head of the Central Bank, Fatih Karahan, admitted that gold pushes demand, especially for housing and cars, in cities with large gold savings. The authorities expect inflation at the end of the year at 24-29%, but the markets predict a level above 30%.

Earlier, annual inflation in Turkey fell to 35.4% in May 2025 from 37.9% in April - the lowest level since November 2021.

In 2010, a car could be bought in Turkey for 31,180 TL. After 15 years, in March 2025, you can buy a scooter for this money.

2024: Inflation for 5 years 734%

Accumulated inflation over 5 years in the G-20 countries at the end of 2024:

Argentina: 13,910%

Turkey: 734%

Russia: 46%

Brazil: 35%

India: 34%

Mexico: 31%

South Africa: 28%

Britain: 25%

Holland: 24%

US: 23%

Australia: 21%

Germany: 21%

Spain: 19%

Canada: 19%

Italy: 18%

Singapore: 17%

France: 15%

South Korea: 15%

Indonesia: 15%

Saudi Arabia: 13%

Japan: 9%

Switzerland: 6%

China: 6%

Inflation in Turkey in May 2024 accelerated to 75.5%.

Inflation in Turkey in February 2024 reached 67.1% and exceeded forecasts, reaching a 15-month high.

2023: Inflation drops and rises to 61% after presidential election

Inflation in Turkey accelerated in September 2023 in line with forecasts and for the first time in 2023 exceeded 61%, as rising energy costs complicate efforts to curb domestic demand with a sharp increase in interest rates.

Turkey's inflation rate rose to 58.94% in August 2023, the highest since last December.

Inflation in Turkey in July 2023 ended an eight-month slowdown and moved to sharp growth, which the central bank predicts will peak in mid-2024.

Consumer prices jumped 47.8% year-on-year, up from 38.2% in June.

Monthly inflation of 9.5% was the highest since January 2022 and was the fastest for July in 60 years.

Transportation costs showed the largest growth for the month, reflecting the fuel tax hike introduced last month. Pressure on prices increased after the lira began to decline sharply after the May presidential election.

Earlier, inflation in Turkey slowed for the first time in a year to below 50% in April 2023.

Inflation declined due to the base effect, from 64.27% to 57.68% in January 2023.

2022: Inflation slowed towards the end of the year to 64.3%

Turkey's inflation has slowed the most since 1995. Consumer prices rose 64.3% in December, up from 84.4% the previous month. The rise in the cost of food, energy and factory prices slowed to below 100%.

The slowdown largely reflects the underlying effect of rapid price increases in the final month of 2021, when the lira lost nearly a fifth of its value within days, making imports more expensive.

Earlier, annual inflation in Turkey in November 2022 slowed down for the first time in 1.5 years - to 84.39% from 85.51% in October.

Data for November 2022

Inflation in Turkey in October 2022 exceeded 85.5%. PPI prominflation accelerated to nearly 158%. President Erdogan has ruled out raising interest rates to curb inflation.

Earlier, inflation in Turkey accelerated in September 2022 to 83.45% from 80.21% a month earlier, a level last observed in mid-1998, spurred by the Central Bank's experimental policy, which alienated foreign investors and undermined the value of the lira.

However, President Recep Tayyip Erdogan has pushed for even lower interest rates, arguing they will help reduce inflation. This is an argument that contradicts conventional economic theory, and which has not yet been confirmed by real experience, at least in Turkey.

Earlier, annual inflation in Turkey in August 2022 reached 80.21%, according to the Turkish Statistical Institute.

Annual inflation in Turkey in July 2022 accelerated to 79.6%.

July

Инфляция в странах Europe 2022
UK data - June, July inflation - 10.1%

Inflation in Turkey in June 2022 amounted to 78.62%.

In May 2022, annual inflation in Turkey exceeded 70% and reached its highest in 23 years. Food prices increased over the year by more than 90%.

In April 2022, inflation in Turkey accelerated to 69.9%, amid rising global energy prices and domestic food costs, remaining at the highest level in two decades.

Inflation in Turkey in March 2022 reached 61% on an annualized basis, according to the Turkish Statistical Institute. This is the highest level since March 2002.

The independent statistical Turkish agency ENAGroup, which independently measures inflation, risks falling under a new article on criminal liability for Turkey's independent economic statistics. According to this agency, inflation in Turkey in March amounted to 142.63%, and not 61.14% as officially considered. The State Statistics Service sued ENAGroup, accusing it of defamation and misleading the public.

According to the Turkish Statistical Institute, the increase in consumer prices in the country in February 2022 amounted to 4.81% mm and 54.44%, the main factor is an increase in energy prices and imports. Although monthly growth has slowed down somewhat, in light of the continued growth in raw materials, the figures for March will definitely be even higher.

Monthly growth in producer prices amounted to 7.22% mm and 105.01% against 10.45% mm and 93.53% a month earlier.

Inflation in Turkey remains well above the official target of 5% and has been measured in double digits for most of the past four years.

Inflation rise in January to 48%

The inflation rate in Turkey in January 2022 accelerated to an almost 20-year high, which was caused by rising prices for energy, food and a weak lira.

Prices rose 48.69% year-on-year in January, up from 36.08% in December.

Producer prices rose 10.45% for the month, bringing annual inflation to 93.53%.

Energy inflation rose to 76.38% from 42.93% in December 2021.

The government announced a historic increase in household electricity prices in January by as much as 130%.