Türkiye’s annual inflation rate slows to 50% – data

Türkiye’s annual inflation rate slowed for a fifth consecutive month from a high of more than 85 percent to record 50 percent in March, official data from the state statistics agency showed on Monday.

The official rate stood at 50.5 last month, down from 55.2 percent in February, the slowdown was led by a drop in the cost Turkey’s energy imports, according to the figures.

However, an unofficial data from ENAG Inflation Research Group, an independent institution set up in 2020 to track the country’s inflation, the annual consumer price inflation rate was 112.51 percent in March, far higher than official claims.

The figures declared the biggest monthly rise in prices was in the education sector, which was up 6.30 percent, while prices of restaurants and hotels items, and food and non-alcoholic drinks climbed 3.85 percent and 3.84 percent respectively.

Inflation has been stoked by a currency crisis at the end of 2021 and hit a 24-year peak of 85.51 percent in October. The central bank cut its policy rate despite soaring inflation to preserve growth momentum.