Inflation in Turkey accelerated slightly in March to 68.5% year-on-year

Inflation in Turkey accelerated slightly in March, rising to 68.5% year-on-year from 67.1% in February, according to official data released by the Turkish Statistical Institute (Tuik), AFP reports.

The jump in consumer prices, which rose 3.16% in March compared to February, is cited as one of the main reasons for the defeat of the ruling Justice and Development Party AKP in the March 31 municipal elections.

A group of independent economists (Enag) estimated that inflation in Turkey reached 124.63% year-on-year (y/y) in March, with prices rising 5.68 percent in one month.

According to official data, the price increase, fueled by the almost continuous devaluation of the Turkish lira, has mostly affected education (+140.1%), healthcare (+80.25%), transport (+79.9%) and food (+70.4%). / BGNES