Istanbul Chamber of Commerce (ITO) reported that retail prices in Istanbul rose 4.57% month-on-month in April, leading to an annual increase of 62.46%. The city-based increase in wholesale prices was also reported as being up 3.14% month-on-month in the same period with an annual rise of 70.58%. This is a pertinent issue for the entire country, which is expected to cause a correction in consumer inflation. However, interestingly, annual inflation in Turkey dropped to 43.4% in April, marking a further decline in CPI over six months, giving hope for a change in trend in the lead up to Turkey’s critical elections. The Turkish Statistical Institute also stated that the producer price index (PPI) eased in April to an 18-month low of 52.11%. With it being critical to the country's political and economic outlook, more accurate reading of Turkey’s inflation is important to understand what is pushing price growth and Turkey's economy. As forecasted inflation targets continue to be missed, it is expected that the Central Bank of Turkey will need to revise the inflation forecast in their upcoming inflation report on May 4.