Turkey's annual inflation slips to 11.86% in March

By Tuba Sahin

ANKARA (AA) - Consumer prices in Turkey went up 11.86% in March compared to the same month last year, the Turkish Statistical Institute (TurkStat) announced on Friday.

The annual inflation rate in March was down from 12.37% the previous month, according to TurkStat.

The highest price rise last month was seen in alcoholic beverages and tobacco, surging 40.19% on a yearly basis.

A group of 14 economists polled by Anadolu Agency on Tuesday forecasted that consumer prices in Turkey would rise 18.81% year-on-year.

TurkStat data showed that on a monthly basis, consumer prices rose 0.57% in March, in line with market expectations.

The median of estimates for March by 14 economists was a 0.53% rise compared to February.

Turkish government targeted 8.5% of inflation rate for this year as laid out in its new economic program for 2020-2022 announced last September.

Turkey’s Central Bank forecasts year-end inflation to be at 8.2% in 2020.