Inflation Trends in Turkey: A Decade of Rising Consumer Prices (2015–2023)

This chart illustrates the December Consumer Price Index (CPI) trends in Turkey over nine years, from 2015 to 2023. The data reveals a dramatic escalation in inflation, particularly in the later years of the period. Between 2015 and 2019, Turkey’s CPI hovered in a relatively moderate range, starting at 8.8% in 2015 and reaching 11.8% in 2019. However, the economic landscape shifted drastically from 2020 onward, with inflation rising to 14.6% in December 2020, surging to 36.1% in 2021, and peaking at an extraordinary 64.9% in December 2023. The steep rise in Turkey’s CPI reflects significant economic challenges, including currency depreciation, global energy price increases, and domestic monetary policy decisions. The period from 2021 to 2023 highlights the severity of inflationary pressures, with external factors such as global economic disruptions and internal issues like fiscal imbalances playing critical roles. This visualization serves as a stark representation of Turkey's inflationary journey, emphasizing the importance of robust economic policies in stabilizing consumer prices amidst fluctuating global and domestic conditions.