Consumer prices in Turkey rose by 38.1% year-on-year in March, the country's statistical institute (Turkstat) said in a report.

The rate of price growth slowed for the tenth consecutive month and is the lowest since December 2021. Inflation in February was 39.05%.

Analysts on average had expected a slight slowdown in inflation in Turkey to 38.9%, according to Trading Economics.

Consumer price increase—excluding food and energy—slowed to 37.42% in March, the lowest since December 2021, from 42.1% in the previous month.

Monthly inflation accelerated to 2.46%, up from 2.27% in February.

The Producer Price Index in Turkey rose by 23.5% year-on-year in March, the smallest increase since November 2020, and by 1.88% month-on-month.