Turkish annual consumer price inflation reached 69.8% in April, as per official data released on Friday, marking the highest level since late 2022. Notably, this figure was slightly below expectations but demonstrated significant increases in education, restaurants, and hotel prices.

Finance Minister Mehmet Simsek commented on the numbers, stating that April’s month-on-month inflation, at 3.18%, was in line with expectations, similar to March’s rate of 3.16%. Simsek projected a sharp decline in annual inflation starting from May, aligning with government forecasts.

A Reuters poll anticipated April’s annual inflation to be 70.33%, with expectations of a decline to 43.5% by the end of 2024, influenced by an aggressive year-long monetary tightening cycle

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