Turkey leads the world in food inflation

Economy Service

Despite Treasury and Finance Minister Mehmet Şimşek’s economic programme, Turkey has retained its position as the global leader in rising food prices. Although annual inflation dropped to 37.86% over the past 23 months, food inflation remains alarmingly high. According to data from the OECD and FAO, Turkey ranks first in both monthly and annual food inflation, highlighting the severe pressure on household budgets. Turkey shows no signs of relinquishing its position as the “world leader” in inflation.

Since Şimşek took office, annual inflation has only declined from 39.59% to 37.86% as of April 2025, while food inflation has continued its upward trend, undermining the credibility of the government’s optimistic outlook.

Argentina currently leads overall inflation with a rate of 55.9%, just ahead of Turkey. Yet, according to the UN’s Food and Agriculture Organization (FAO), the global average food inflation in April stands at 7.6% annually, whereas Turkey’s annual food inflation is 36.09%—4.75 times higher. The monthly food inflation rate in Turkey, at 9.21%, exceeds even the annual headline inflation rates of many countries.

Even based on the unreliable official figures of the Turkish Statistical Institute (TÜİK), Turkey remains among the countries with the highest food price increases. It significantly outpaces its closest “competitors.”

Updated OECD figures reveal the scale of the crisis: Japan follows Turkey with an annual food inflation rate of 8.8%, followed by Norway at 7.5% and Costa Rica at 6.8%. Turkey’s monthly food inflation surpasses even these annual rates. In Mexico, which previously struggled with food inflation, the annual rate is now just 3.2%, while in Finland it is as low as 1.6%.

Note: This text has been translated from the original Turkish version titled Gıda enflasyonunda dünya liderliği Türkiye’nin, published in BirGün newspaper on May 7, 2025.