Turkey’s Inflation Eases Slightly as Lira Turmoil Slows Progress

In Turkey, inflation is slowing down. In April, the inflation rate fell for the eleventh time in a row to the lowest level in about three and a half years. But it is still at a high level.

Inflation drops 0.24 points in Turkey to 37.86 %

Turkey’s Inflation Eases Slightly as Lira Turmoil Slows Progress

A slowdown in Turkey’s inflation lost momentum in April, after a sharp selloff in lira assets triggered by the jailing of key opposition figure Ekrem Imamoglu.

The protests against the detention of Ekrem İmamoğlu initially focused on Istanbul. Now the CHP carries them to the small towns in the heart of Anatolia.

While the CHP protested with banners during the Central Bank's presentation in the Turkish Grand National Assembly, Central Bank Governor Fatih Karahan pointed out that the improvement in inflation expectations had stalled in April due to the impact of recent developments in financial markets.

A citizen reacted to the Turkish Statistical Institute's announcement of April inflation as 3 percent monthly and 37.86 percent annually, saying, "Turkish Statistical Institute is lying, it has exceeded 100 percent. I swear to God I don't believe it, I swear to God I don't believe it."