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Inflation in Turkey
Turkey's inflation journey from 2013 to 2022 was turbulent, characterized by double-digit figures as a result of loose monetary and fiscal policies, and huge currency depreciation. By 2022, Turkey faced one of the highest inflation rates globally, driven by aggressive monetary policy easing amid political influence on central bank decision-making.
Consumer price inflation in Turkey averaged 17.9% in the ten years to 2022, which is above the Eastern Europe regional average of 7.7%. The 2022 average figure was 72.3%. For more inflation information, visit our dedicated page.
Turkey Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Turkey from 2014 to 2023.
Source: Macrobond.
Turkey Inflation Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 15.2 | 12.3 | 19.6 | 72.3 | 53.9 |
| Inflation (CPI, ann. var. %, eop) | 11.8 | 14.6 | 36.1 | 64.3 | 64.8 |
| Inflation (Core, ann. var. %, eop) | 9.8 | 14.3 | 31.9 | 51.9 | 70.6 |
| Inflation (PPI, ann. var. %, eop) | 7.4 | 25.1 | 79.9 | 97.7 | 44.2 |
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Turkish inflation projections for the next ten years from a panel of 39 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Turkish inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Turkish inflation projections.
Want to get access to the full dataset of Turkish inflation forecasts? Send an email to info@focus-economics.com.
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