The latest inflation rate in Turkey for April was 3.18%, according to the National Statistical Institute. The annual inflation rate also saw an increase, reaching 69.8% compared to 68.5% the previous month. However, a group of independent observers, ENAG, calculated the inflation rate for April to be 124.35%. In March, the inflation rate was recorded at 124.63% based on the same data. Analysts had predicted a 3.22% increase in inflation for April, indicating a significant upward trend.

Turkey’s finance minister, Mehmed Şimşek, had previously warned that local authorities were losing control over inflation as of June. To address this, the Central Bank of Turkey adjusted the interest rate to 36%. Additionally, participants in the regulation committee’s April meeting stated their expectation for inflation to reach 44.1% by the end of the year.