Inflation Turkey 2023
Average inflation: 53.4%
Current Inflation
Inflation is very high at 53.4%, far above the ECB target.
Peak and Trough
The highest inflation was in December at 64.8%. The lowest inflation was in June at 38.2%.
- Highest month
- December: 64.8%
- Lowest month
- June: 38.2%
- Difference
- 26.6 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Restaurants and hotels with an average of 80.6%. The lowest price increase was in Clothing and footwear with an average of 27.0%.
- Highest increase
- Restaurants and hotels: 80.6%
- Lowest increase
- Clothing and footwear: 27.0%
Historical Context
Current inflation is 18.9% higher than the 5-year average of 34.5%.
- 5-year average
- 34.5%
- 10-year average
- 22.4%
- All-time high (2022)
- 72%
- All-time low (2009)
- 6.3%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by -18.6 percentage point.
- Change vs. previous year
- -18.6 percentage points
- Largest monthly swing
- June: -40.4 percentage points
ECB Target
Inflation is 51.4% 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 €100 this year will cost approximately €153.40 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 57.7% | +9.0 |
| February | 55.2% | +0.8 |
| March | 50.5% | -10.6 |
| April | 43.7% | -26.3 |
| May | 39.6% | -33.9 |
| June | 38.2% | -40.4 |
| July | 47.8% | -31.8 |
| August | 58.9% | -21.3 |
| September | 61.5% | -22.0 |
| October | 61.4% | -24.1 |
| November | 62.0% | -22.4 |
| December | 64.8% | +0.5 |
| Average | 53.4% |
Data source
Data from OECD. Last updated: 11/01/2026.