Turkey's Inflation Slows to 37.9% in April, Lowest Since December 2021

Türkiye's annual inflation rate decreased for the eleventh consecutive month, reaching 37.9% in April, according to official data released on Monday. This figure is down from 38.1% in March and marks the lowest level since December 2021. The decline is viewed positively by the government, which anticipates further decreases in inflation. Treasury and Finance Minister Mehmet Şimşek stated that combating the high cost of living remains a top priority. He expects normalization after July, projecting annual inflation to fall below 30% by the end of the year. Month-over-month, consumer prices increased by 3%. The annual rise was primarily driven by surges in education costs (79.2%), housing (74%), and hotels and restaurants (41.8%). Despite recent internal and external shocks, the government remains optimistic about maintaining the downward trend in inflation. The central bank's year-end inflation midpoint estimate is currently at 24%.