Türkiye’s annual inflation drops to 50.5 pct in March

Türkiye’s annual inflation is recorded at 50.5 percent in March, according to official data.

The annual consumer price index (CPI) dropped for five consecutive months from the record 85.5-percent in October 2022 to 50.5 percent in March this year, while the annual producer price index (PPI) increased by 62.45 percent, showed data of the Turkish Statistical Institute.

Meanwhile, the CPI increased by 2.29 percent, and the PPI up by 0.44 percent on a monthly basis, according to their statistics.

Türkiye’s annual inflation had risen for 17 months to hit 85.5 percent last October, bringing about a sharp decline in Turkish households purchasing power.

Turkish President Recep Tayyip Erdogan supports low-interest rates in the hope of boosting economic growth and employment.

The Turkish central bank kept its benchmark interest rate unchanged at 8.5 percent in its March meeting, following a cut by 50 basis points in February.

The central bank said in a statement on March 23 that the current monetary policy stance was adequate to support the necessary recovery from the earthquakes by maintaining price and financial stability. ■

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