Inflation Turkey 2003
Average inflation: 21.9%
Inflation in 2003
Inflation is very high at 21.9%, far above the ECB target.
Peak and Trough
The highest inflation was in March at 27.1%. The lowest inflation was in December at 12.7%.
- Highest month
- March: 27.1%
- Lowest month
- December: 12.7%
- Difference
- 14.4 percentage points
- Months with data
- 12 of 12
Historical Context
Inflation is 26.9 percentage points lower than the 5-year average of 48.8%. This approaches the lowest level since records began (21.9% in 2003).
- 5-year average
- 48.8%
- 10-year average
- 69.1%
- All-time high (1994)
- 103.2%
- All-time low (2003)
- 21.9%
Trend
Over the period 2001-2003, inflation shows a downward trend. Compared to 2002, inflation has fallen by 25.3 percentage points.
- Change vs. previous year
- -25.3 percentage points
- Largest monthly swing
- February: -47.0 percentage points
ECB Target
Inflation is 19.9 percentage points above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for TRY 100 this year will cost approximately TRY 121.90 next year at this inflation rate.
Multi-year trend
Monthly figures 2003
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2002 |
|---|---|---|
| January | 26.4% | -46.8 |
| February | 26.1% | -47.0 |
| March | 27.1% | -38.0 |
| April | 25.8% | -26.9 |
| May | 26.2% | -20.0 |
| June | 25.6% | -17.0 |
| July | 23.6% | -17.7 |
| August | 21.1% | -19.1 |
| September | 18.6% | -18.4 |
| October | 15.9% | -17.5 |
| November | 14.1% | -17.7 |
| December | 12.7% | -17.0 |
| Average | 21.9% |
Data source
Data from OECD. Last updated: 19/12/2025.