Turkish Inflation Eases To 38.1%, Lowest In 39 Months

(RTTNews) - Turkey's consumer price inflation eased further in March to the lowest in more than three years, figures from the Turkish Statistical Institute showed on Thursday.

Consumer price inflation softened to 38.10 percent in March from 39.05 percent in February.

This was the lowest rate since December 2021, when prices had risen 36.08 percent. The rate was forecast to slow to 38.9 percent.

The annual price growth in clothing and footwear eased to 14.81 percent from 20.84 percent. Inflation based on transportation moderated to 21.59 percent from 23.38 percent. Prices for food and non-alcoholic beverages rose 37.12 percent.

On a monthly basis, inflation rose slightly to 2.46 percent from 2.27 percent in the previous month.

Another report from the statistical office showed that producer prices advanced 23.50 percent in March from a year ago. However, this was weaker than February's 25.21 percent increase and also reached the lowest since December 2020.

Prices of mining and quarrying climbed 30.89 percent, and manufacturing reported a 23.14 percent rise. Producer prices of electricity, gas, steam, and air conditioning grew 21.15 percent and advanced 58.02 percent for water supply.

Month-on-month, producer prices moved up 1.88 percent after rising 2.12 percent in the prior month.