# Turkish lira inflation rate: how Turkey's CPI works

URL: https://fincodelabs.com/en/blog/turkish-lira-inflation-rate · Publisher: Fincode (Fincode Yazılım ve Teknoloji A.Ş.), Istanbul, Turkey · Category: Investing in Turkey · Published: 2026-10-25 · Updated: 2026-11-05

Turkey's inflation rate was 29.77% in October 2026. How TÜİK compiles the CPI, annual vs 12-month average rates, inflation by year and why the lira floats.

**Short answer:** The **Turkish lira inflation rate** is measured by the consumer price index (CPI) of the Turkish Statistical Institute (TÜİK, also TurkStat): in October 2026 annual inflation was 29.77% and monthly inflation 2.58%, published on 3 November 2026. TÜİK releases each month's CPI at 10:00 on the 3rd of the following month, or the next working day, and has used a 2025=100 base year since January 2026. The November 2026 figure is due on 3 December 2026.

Inflation in Turkey has been far above the levels most foreign readers are used to, and the CPI feeds directly into money decisions: rent increases, pension rises, tax amounts and the real return on lira savings. Each monthly release contains several different inflation rates, and confusing them is the most common mistake in calculations.

This guide covers the latest published figures as of October 2026, how TÜİK builds the index, the four rates in each release and what each is used for, inflation by year, core and producer price measures, the central bank's framework and a real-return calculation. It reports published values only and makes no forecasts.

## What is Turkey's inflation rate now?

Annual CPI inflation in Turkey was 29.77% in October 2026, after 29.73% in September and 31.51% in August, according to TÜİK's release of 3 November 2026.

Each CPI release reports four changes, and they answer different questions:

**Turkey CPI, October 2026 (TÜİK, 3 November 2026)**

| Measure | What it compares | October 2026 |
| --- | --- | ---: |
| Monthly | October index ÷ September index | 2.58% |
| Since December | October 2026 ÷ December 2025 | 27.52% |
| Annual | October 2026 ÷ October 2025 | 29.77% |
| 12-month average | Average of the last 12 months ÷ average of the previous 12 | 31.23% |

October's figure was published on Tuesday 3 November. The next release, for November 2026, is scheduled for 3 December 2026 at 10:00. The Central Bank of the Republic of Türkiye (TCMB, also CBRT) publishes its own assessment the next working day.

## How TÜİK compiles Turkey's CPI

The CPI tracks the prices of a basket of goods and services that households buy, weighted by each item's share of household spending.

TÜİK collects prices for the items in the basket every month and combines the changes using expenditure weights. Under its announcement of 30 October 2025, three changes took effect with the January 2026 index, at the same time as in EU member states:

- the base year moved from 2003=100 to 2025=100;
- the classification of spending changed to ECOICOP version 2;
- group-level weights now come from household final consumption expenditure in the national accounts, while lower-level weights still come from the Household Budget Survey.

The historical series was carried over to the new base with its chain structure kept, so published headline inflation rates for past periods did not change.

> **Simplified, hypothetical weighting example:** suppose the basket has three groups: food with a 25% weight, transport with 15% and everything else with 60%. If food prices rise 2% in a month, transport 5% and the rest 1%, monthly inflation is about 0.25 × 2 + 0.15 × 5 + 0.60 × 1 = 1.85%. The real index uses hundreds of items and chain-linking; the example only shows how weights work.

## Turkey inflation rate by year

Annual CPI inflation at year end ranged from 8.53% in 2016 to 64.77% in 2023 over the last ten years, and was 30.89% in December 2025.

**Turkey annual CPI inflation in December of each year (TÜİK data via TCMB)**

| Year | December, year on year |
| --- | ---: |
| 2016 | 8.53% |
| 2017 | 11.92% |
| 2018 | 20.30% |
| 2019 | 11.84% |
| 2020 | 14.60% |
| 2021 | 36.08% |
| 2022 | 64.27% |
| 2023 | 64.77% |
| 2024 | 44.38% |
| 2025 | 30.89% |

In 2026 so far, monthly and annual rates have been:

**Turkey CPI in 2026 (TÜİK data via TCMB, as of 3 November 2026)**

| Month | Monthly change | Annual change |
| --- | ---: | ---: |
| January 2026 | 4.84% | 30.65% |
| February 2026 | 2.96% | 31.53% |
| March 2026 | 1.94% | 30.87% |
| April 2026 | 4.18% | 32.37% |
| May 2026 | 1.71% | 32.61% |
| June 2026 | 0.99% | 32.11% |
| July 2026 | 1.78% | 31.75% |
| August 2026 | 1.84% | 31.51% |
| September 2026 | 1.84% | 29.73% |
| October 2026 | 2.58% | 29.77% |

## Which inflation rate is used for rent, tax amounts and savings?

Different laws use different measures, so check which one a rule names before calculating.

- **Rent increases:** the 12-month average CPI change caps renewals under Article 344 of the Turkish Code of Obligations; see the [Turkey rent increase cap guide](https://fincodelabs.com/en/blog/turkey-rent-increase-cap).
- **Pensions:** SSK and Bağ-Kur pensions are raised in January and July by the CPI change over the previous six months (Law 5510, Article 55); see the [Turkey state pension guide](https://fincodelabs.com/en/blog/turkey-state-pension-retirement-age).
- **Tax amounts and fees:** the revaluation rate updates many fixed amounts, fees and property tax values; it is the average change in the domestic producer price index (D-PPI) in the 12 months to October, and the rate published in November 2025 and used for 2026 amounts was 25.49% (Tax Procedure Law General Communiqué No. 585).
- **Capital gains on property:** the cost of a property sold within five years is indexed by the D-PPI when it rose by 10% or more.
- **Savings:** annual CPI is the usual benchmark for a year-long deposit; see [Turkish lira deposit rates and withholding tax](https://fincodelabs.com/en/blog/turkish-lira-deposit-rates-tax).

The full monthly series is also available through TCMB's EVDS data service; see [TEFAS, KAP and EVDS data APIs](https://fincodelabs.com/en/blog/tefas-kap-evds-data-apis) for programmatic access.

## Core inflation and producer prices

Core measures remove volatile items, and in October 2026 they ran below headline inflation.

**Headline, core and producer inflation, October 2026, annual change (TÜİK, 3 November 2026)**

| Measure | Excludes or covers | Annual change |
| --- | --- | ---: |
| CPI (headline) | All items | 29.77% |
| Core indicator B | Excludes unprocessed food, energy, alcohol, tobacco and gold | 28.46% |
| Core indicator C | Excludes energy, food and non-alcoholic drinks, alcohol, tobacco and gold | 28.28% |
| Domestic PPI (D-PPI) | Producer prices in mining, manufacturing, energy and water supply | 27.41% |

In TCMB's report of 4 November 2026, services inflation, which includes rent, was 36.56% for October and rent inflation 39.71%, both well above the headline rate. D-PPI rose 1.65% in October 2026 and is still published on the 2003=100 base, as TCMB's producer price table shows.

## Is the Turkish lira pegged to the US dollar?

No; the lira floats, and the central bank says it has no commitment to any exchange rate level.

In its Monetary Policy for 2026 text, TCMB states that the current exchange rate regime is maintained, that it has no commitment to any exchange rate level and that it does not buy or sell foreign currency to set the level or direction of exchange rates, while monitoring the market and acting to keep it functioning. Monetary policy targets inflation instead: the inflation target, set jointly with the government, is 5% with an uncertainty band of 2 percentage points either side.

TCMB publishes interim year-end targets and its forecast path in the Inflation Report, four times a year; the next report is scheduled for 12 November 2026 and the next rate decision for 10 December 2026. On 22 October 2026 the Monetary Policy Committee cut the one-week repo rate from 37% to 36%.

## Turkish lira inflation calculator: real return

A real return divides one plus the nominal return by one plus inflation for the same period; simply subtracting overstates it.

**Real return = (1 + nominal return) ÷ (1 + inflation) − 1**

> **Hypothetical example:** an investment returned 35% after tax from October 2025 to October 2026. With annual CPI of 29.77% for the same period, the real return is 1.35 ÷ 1.2977 − 1 ≈ 4.03%, not 35 − 29.77 = 5.23%. A six-month return should be compared with six-month cumulative inflation, and a future investment can only be judged against expected inflation, which is not known.

Monthly rates must be multiplied, not added. The ten monthly changes from January to October 2026 add up to 24.66%, but chained they give 27.51%, close to TÜİK's 27.52% calculated from unrounded index levels. The short Python sample below does both calculations:

```python
monthly_2026 = [4.84, 2.96, 1.94, 4.18, 1.71, 0.99, 1.78, 1.84, 1.84, 2.58]  # Jan-Oct, % (TCMB/TÜİK)

cumulative = 1.0
for m in monthly_2026:
    cumulative *= 1 + m / 100
print(f"Jan-Oct 2026 cumulative CPI: {(cumulative - 1) * 100:.2f}%")  # about 27.51%

def real_return(nominal_pct, inflation_pct):
    return ((1 + nominal_pct / 100) / (1 + inflation_pct / 100) - 1) * 100

print(f"Real return: {real_return(35, 29.77):.2f}%")  # hypothetical 35% nominal
```

## Frequently asked questions

### What is the inflation rate in Turkey in 2026?

Annual CPI inflation was 29.77% in October 2026, the latest figure published by TÜİK as of 3 November 2026. Prices rose 27.52% between December 2025 and October 2026.

### When is Turkey's inflation data released?

TÜİK publishes the previous month's CPI at 10:00 on the 3rd of each month, or on the next working day if the 3rd falls on a weekend or holiday. The November 2026 figure is due on 3 December 2026.

### Is the Turkish lira pegged to the dollar?

No. The lira floats, and TCMB says it has no commitment to any exchange rate level and does not trade foreign currency to set the level or direction of the rate.

### What is the difference between annual and 12-month average inflation?

Annual inflation compares this month's index with the same month a year earlier. The 12-month average compares the average index of the last 12 months with the previous 12; in October 2026 the two were 29.77% and 31.23%.

### What base year does Turkey's CPI use?

Since January 2026 the CPI uses a 2025=100 base year and the ECOICOP version 2 classification. Past headline inflation rates were not changed by the switch.

## Sources

- [TÜİK: Consumer Price Index, October 2026, press release of 3 November 2026 (Turkish)](https://veriportali.tuik.gov.tr/tr/press/58291)
- [TÜİK: Announcement on the CPI base year update and changes to the calculation system, 30 October 2025 (Turkish)](https://www.tuik.gov.tr/media/announcements/TUFE_Duyuru30102025.pdf)
- [TCMB: Consumer prices, annual and monthly CPI changes](https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Statistics/Inflation+Data/Consumer+Prices)
- [TCMB: October 2026 price developments, 4 November 2026, core indicators B and C (Turkish)](https://www.tcmb.gov.tr/wps/wcm/connect/15fe8641-cdde-4e1e-846a-446eed1d9447/afiyatekim26.pdf?MOD=AJPERES)
- [TCMB: Monetary Policy for 2026, 28 December 2025 (exchange rate regime, inflation target, meeting and report calendar)](https://www.tcmb.gov.tr/wps/wcm/connect/c2ac62b6-3112-4f33-a6ad-3817defff0be/December28.pdf?MOD=AJPERES&CACHEID=ROOTWORKSPACE-c2ac62b6-3112-4f33-a6ad-3817defff0be-pJACiUd)
- [TCMB: Inflation targets](https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Core+Functions/Monetary+Policy/PRICE+STABILITY+AND+INFLATION/Inflation+Targets)
- [TCMB: Press release on interest rates, No. 2026-45, 22 October 2026](https://www.tcmb.gov.tr/wps/wcm/connect/en/tcmb+en/main+menu/announcements/press+releases/2026/ano2026-45)
- [Mevzuat Bilgi Sistemi: Turkish Code of Obligations No. 6098, Article 344 (Turkish)](https://www.mevzuat.gov.tr/mevzuatmetin/1.5.6098.pdf)
- [Mevzuat Bilgi Sistemi: Social Insurance and General Health Insurance Law No. 5510, Article 55 (Turkish)](https://www.mevzuat.gov.tr/mevzuatmetin/1.5.5510.pdf)
- [Resmî Gazete: Tax Procedure Law General Communiqué No. 585, revaluation rate 25.49%, 27 November 2025, No. 33090 (Turkish)](https://www.resmigazete.gov.tr/eskiler/2025/11/20251127-4.htm)
- [TCMB: Producer prices, domestic PPI (2003=100), annual and monthly changes](https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Statistics/Inflation+Data/Producer+Prices)
- [TCMB: Inflation Report page (Inflation Report 2026-IV scheduled for 12 November 2026)](https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Publications/Reports/Inflation+Report/)

> This guide is general information, not investment, legal or tax advice. Amounts, rates and rules in Turkey change often: check the date given for each figure and the official source before you rely on it, and ask a licensed adviser about your own situation. Sources, checks and corrections: see the [editorial policy](https://fincodelabs.com/en/editorial-policy).

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Published by Fincode (Fincode Yazılım ve Teknoloji A.Ş.), a software company in Istanbul, Turkey: https://fincodelabs.com/en/blog/turkish-lira-inflation-rate

Cite as: Fincode, "Turkish lira inflation rate: how Turkey's CPI works", updated November 5, 2026, https://fincodelabs.com/en/blog/turkish-lira-inflation-rate