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Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq Al-Awsat

Turkish Inflation Slows to 43.7% in April Ahead of Elections

A cat sleeps on a table outside a coffee shop in Balat, Istanbul, Türkiye, Monday, May 1, 2023. (AP)

Turkish annual consumer price inflation slowed to 43.68% in April, official data showed on Wednesday, slightly below forecast, easing further ahead of presidential and parliamentary elections on May 14.

April consumer prices rose 2.39% from a month earlier, less than a predicted 2.60% in a Reuters poll.

The poll had forecast that consumer prices would be up 44% from a year earlier, and were expected to end the year at 46.5%.

Inflation has been stoked by a currency crisis at the end of 2021 and it touched a 24-year peak of 85.51% last October. It fell sharply in December but eased only to 50.51% in February despite a favorable base effect.

The domestic producer price index was up 0.81% month-on-month in April for an annual rise of 52.11%, according to the data from the Turkish Statistical Institute.

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