Turkey’s annual inflation rate at 16.19% in March

By Aysu Bicer

ANKARA (AA) - Turkey posted a 16.19% annual rise in consumer prices in March, the country’s statistical authority announced on Monday.

The annual figure increased by 0.58 percentage points last month, rising from 15.61% in February, according to the Turkish Statistical Institute (TurkStat).

Month-on-month, the consumer price index climbed by 1.08% in March.

Economists polled by Anadolu Agency last week projected the inflation rate would be 16.21%.

Under the new economic program announced by the government last September, Turkey’s inflation rate target for this year is 8%, while the Central Bank’s year-end inflation forecast for 2021 is 9.4%.