Turkey's Annual Inflation Rates (2015–2025)

Year	Inflation Rate (%)	Notes
2015	7.67	Stable inflation amid moderate growth.
2016	7.78	Slight increase due to political uncertainty.
2017	11.14	Double-digit inflation returns after several years.
2018	16.33	Currency crisis leads to sharp price increases.
2019	15.18	Inflation remains high despite policy measures.
2020	12.28	Pandemic-related disruptions impact prices.
2021	19.60	Monetary easing contributes to rising inflation.
2022	72.31	Inflation surges amid currency depreciation.
2023	53.86	Gradual decline from previous year's peak.
2024	44.38 (Dec)	Continued disinflation trend observed.
2025	38.10 (Mar)	Inflation eases further, reaching lowest level since December 2021.

📉 Key Trends and Developments

• 2018 Currency Crisis: A significant depreciation of the Turkish lira led to a spike in inflation, reaching over 16% by the end of the year.​

• 2022 Peak: Inflation soared to 72.31%, the highest in decades, driven by unconventional monetary policies and external economic pressures.​

• Recent Decline: As of March 2025, the inflation rate has decreased to 38.10%, marking the tenth consecutive month of decline and the lowest rate since December 2021. ​

Key sectors affected

Here's an overview of key sectors affected:​

🥦 Food and Non-Alcoholic Beverages

This sector has consistently been a major contributor to overall inflation. Factors such as currency depreciation, supply chain disruptions, and adverse weather conditions have led to sharp increases in food prices. For instance, in 2022, food inflation was a significant driver of the overall inflation rate, which reached 72.31%.

🏠 Housing, Water, Electricity, Gas, and Other Fuels

Energy costs have seen substantial increases, particularly during periods of lira depreciation. The reliance on imported energy sources means that fluctuations in exchange rates directly impact domestic energy prices, contributing to higher inflation in this sector.​

🚗 Transportation

Transportation costs have been volatile, influenced by global oil prices and exchange rate movements. Increases in fuel prices have led to higher costs for both personal and commercial transportation, affecting the overall inflation rate.​

🏥 Health and Education

While not as volatile as other sectors, health and education services have experienced steady price increases over the years. These sectors are influenced by both public policy decisions and general economic conditions.​

For detailed and up-to-date statistics on sector-specific inflation rates, the Turkish Statistical Institute (TURKSTAT) provides comprehensive data. Their reports offer insights into how each sector contributes to the overall inflation landscape in Turkey.

🔮 Future Outlook

The Central Bank of Turkey aims to reduce inflation to 14% by the end of 2025 and achieve a medium-term target of 5%. Achieving these goals will depend on sustained tight monetary policies and favorable economic conditions.​