The consumer price index increased by 69,97 percent year on year and 7,25 percent monthly in April. Turkish Statistical Institute (TUIK) announced inflation data for April. Accordingly, in April 2022, the consumer price index (CPI) is 7,25 percent compared to the previous month, 31,71 percent compared to December of the previous year, 69,97 percent according to the same month of the previous year and according to the twelve-month averages. There was an increase of 34,46.
TURKSTAT announced inflation data for April. Accordingly, annual inflation rose to 69.97 percent in April. Monthly inflation was 7.25 percent.
The main groups in which the increase was higher in April compared to the same month of the previous year were transportation with 105.86 percent, food and non-alcoholic beverages with 89.10 percent and household goods with 77.64 percent, respectively.
The lowest annual increase was in the communication main group with 18.71 percent. This was followed by clothing and shoes with 26.23 percent, education with 27.73 percent and health with 35.95 percent.
Rent Increase Rate Announced
According to inflation rates, the rent increase rate in May was determined as 34,46 percent.
Highest Increase in Food in April
In terms of main expenditure groups, the main groups that showed the least increase in April 2022 were various goods and services with 0,93 percent, health with 1,31 percent and communication with 2,87 percent.
On the other hand, the main groups with the highest increase in April 2022 were food and non-alcoholic beverages with 13,38 percent, housing with 7,43 percent, clothing and shoes with 6,96 percent, respectively.
Inflation Statement by CBRT Chairman Kavcıoğlu
Şahap Kavcıoğlu, Chairman of the Central Bank of the Republic of Turkey (CBRT), stated that they foresee that inflation will gradually decrease and converge to the targets, with the re-establishment of the global peace environment and the elimination of base effects, under the view that the monetary policy stance will be determined in line with the goal of sustainable price stability.
Stating that the distribution in inflation expectations widens as inflation rises, Kavcıoğlu said that the range in which inflation can be predicted widens, and this situation is also reflected in the estimation path.
Kavcıoğlu also shared his inflation forecasts and said, “The midpoints of our inflation forecast range correspond to 2022 percent at the end of 42,8, 2023 percent at the end of 12,9 and 2024 percent at the end of 8,3. Thus, we raised our year-end inflation forecast for 2022 from 19,6 percent to 23,2 percent with a 42,8 percentage point update.” said.