The inflationary effects of geopolitical developments became more evident in April.

The monthly CPI increase in April came in at 4.18%, exceeding expectations, while the annual CPI inflation rate rose to 32.37%. Food prices were the key driver of the rise in the CPI.

While the Fed kept its policy rate unchanged in line with expectations, disagreement among FOMC members came to the fore. The BoJ and the BoE also maintained their policy rates unchanged at their meetings this week.

The central government budget recorded a deficit of 229.9 billion TRY in March.

In February, the current account deficit reached 7.5 billion USD, its highest level since April 2025.

The Turkish economy grew by 3.6% in 2025.