Turkey's Annual Inflation Hits 61% in March 2022, Driven by Energy Prices

Turkey's economy is turbulent due to rising energy commodity prices, a consequence of the Russia-Ukraine war, and the weakening of the lira. This was reported by Reuters on Monday (4/4).

Price increases in Turkey have reportedly triggered inflation of 5.46% in March 2022 compared to the previous month (month-to-month/m-to-m).

Compared to March 2021, Turkey's inflation in March 2022 reached 61.14% (year-on-year/yoy). This annual inflation is the highest in the last two decades, as shown in the graph. This situation will make the cost of living for Turkish citizens even more difficult.

In March 2022, the highest inflation in Turkey occurred in the transportation sector, reaching 99.12% (yoy). This was followed by the food and non-alcoholic beverages sector at 70.33% (yoy).

The lowest inflation was in the communication sector at 15.08% (yoy), education at 26.73% (yoy), and clothing and footwear at 26.95% (yoy).

Here is a complete list of Turkey's annual (yoy) inflation rates in March 2022:

* Transportation 99.12%
* Food and non-alcoholic beverages 70.33%
* Household goods and equipment 69.26%
* Hotels, cafes and restaurants 60.4%
* Miscellaneous goods and services 60.22%
* Alcoholic beverages and tobacco 51.43%
* Housing 51.43%
* Recreation and culture 40.9%
* Health 34.95%
* Clothing and footwear 26.95%
* Education 26.73%
* Communication 15.08%