(MENAFN) According to official data released by the Turkish Statistical Institute (TurkStat) on Friday, Turkey's annual inflation rate for April surged to 69.8 percent, marking a notable increase from 68.5 percent recorded in March and a stark contrast to the 43.68 percent figure reported in the same month last year. This continued acceleration in inflation underscores the persistent challenges faced by Turkey's economy in terms of price stability.
Breaking down the figures, the monthly inflation rate for April stood at 3.18 percent, a slight uptick from the 3.16 percent recorded in the previous month. These month-on-month fluctuations reflect ongoing volatility in consumer prices, contributing to broader concerns about the affordability of goods and services for Turkish citizens.
Examining the annual price changes across various sectors, the highest price hikes were observed in education, with a staggering increase of 103.86 percent, followed closely by restaurants and hotels at 95.82 percent, and transportation at 89.39 percent. Conversely, clothing and footwear recorded the lowest price increase at 51.2 percent, trailed by telecommunications at 55.4 percent, and housing at 55.55 percent. These disparities highlight the varying impacts of inflation across different segments of the economy, with certain sectors experiencing more pronounced cost pressures than others.
Furthermore, on a monthly basis, the highest price increase was observed in tobacco and alcoholic beverages, surging by 9.56 percent, while the lowest increase was recorded in health, registering a modest 1.03 percent uptick. These fluctuations underscore the complex interplay of factors driving inflation dynamics in Turkey, including both domestic and external influences, which continue to shape the country's economic landscape and policy considerations.
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