ANKARA – Turkish inflation climbed 3 percent in April to stand at 37.86 percent annually, according to the Turkish Statistical Institute data on Monday, slightly lower than a Reuters poll forecast.
Education, housing and restaurant prices led the rise in the annual print while clothing, housing and transportation added to the monthly inflation, according to data.
In a Reuters poll, monthly inflation rate was expected to climb to 3.1 percent in April on the back of energy prices and FX pass-through, with the annual rate seen sliding to 38 percent.
In March, inflation stood at 2.46 percent on a monthly basis and 38.1 percent annually.
Economists have said a hike in electricity and natural gas prices, rising unprocessed food prices and prices of items that are directly impacted by currency volatility, caused the spike in the monthly inflation.
In March, Turkish lira and assets suffered after Istanbul Mayor Ekrem Imamoglu – Erdogan’s main political rival – was jailed over graft charges pending a trial. The currency later recovered but stood some 5 percent weaker compared to before the incident.
The domestic producer price index rose 2.76 percent month-on-month in April for an annual rise of 22.5 percent, the data showed.
