Inflation Turkey 2024
Average inflation: 60.1%
Current Inflation
Inflation is very high at 60.1%, far above the ECB target.
Peak and Trough
The highest inflation was in May at 75.4%. The lowest inflation was in December at 44.4%.
- Highest month
- May: 75.4%
- Lowest month
- December: 44.4%
- Difference
- 31.0 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Education with an average of 99.0%. The lowest price increase was in Clothing and footwear with an average of 39.9%.
- Highest increase
- Education: 99.0%
- Lowest increase
- Clothing and footwear: 39.9%
Historical Context
Current inflation is 16.7% higher than the 5-year average of 43.4%.
- 5-year average
- 43.4%
- 10-year average
- 27.5%
- All-time high (2022)
- 72%
- All-time low (2009)
- 6.3%
Trend
Inflation shows a downward trend. Compared to 2023, inflation has fallen by +6.7 percentage point.
- Change vs. previous year
- +6.7 percentage points
- Largest monthly swing
- May: +35.8 percentage points
ECB Target
Inflation is 58.1% 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 €160.10 next year at this inflation rate.
Multi-year trend
Monthly figures 2024
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2023 |
|---|---|---|
| January | 64.9% | +7.2 |
| February | 67.1% | +11.9 |
| March | 68.5% | +18.0 |
| April | 69.8% | +26.1 |
| May | 75.4% | +35.8 |
| June | 71.6% | +33.4 |
| July | 61.8% | +14.0 |
| August | 52.0% | -6.9 |
| September | 49.4% | -12.1 |
| October | 48.6% | -12.8 |
| November | 47.1% | -14.9 |
| December | 44.4% | -20.4 |
| Average | 60.1% |
Data source
Data from OECD. Last updated: 11/01/2026.