Turkish annual inflation accelerates to 32.4% in April
Updated
Updated · Bloomberg · May 4
Turkish annual inflation accelerates to 32.4% in April
12 articles · Updated · Bloomberg · May 4
The rise from 30.9% in March beat Bloomberg-survey forecasts of 31.3%, with the highest estimate at 31.5%, according to TurkStat data released on Monday.
The latest increase reflects price pressures linked to the Iran war continuing to ripple through Turkey's economy.
Earlier official data showed monthly CPI rose 4.18% in April, food and non-alcoholic beverages prices climbed 34.55% annually, and the central bank kept its policy rate at 37%.
As a gold 'wealth effect' fuels spending, can Türkiye's central bank control inflation without triggering a deep recession?
Is Türkiye’s inflation a domestic policy failure or an unavoidable casualty of the ongoing Iran war?
Turkey Faces 55% Inflation Discrepancy in April 2026 Driven by Energy Tariff Hikes and Iran Conflict
Overview
In April 2026, Turkey experienced a sharp inflation surge, with official rates at 32.37% and independent estimates nearly doubling that. This spike was driven mainly by a government energy tariff hike and soaring global oil prices caused by escalating Middle East conflicts disrupting key supply routes. Turkey's heavy reliance on energy imports amplified the impact, leading to a $15 billion rise in the energy import bill and worsening the current account deficit. The Central Bank maintained high interest rates but hesitated to tighten further amid economic uncertainty. Meanwhile, rising costs squeezed households and industries, fueling public discontent and risking social unrest. Long-term energy diversification, including nuclear and renewables, is seen as vital to stabilizing inflation and growth.