How did the Ramadan month affect inflation?

The Central Bank calculated the impact of the Ramadan month on inflation as 0.5 percentage points. The analysis highlighted the tendency for price increases to become permanent. According to an analysis in the Central’s Diary blog, where the opinions of Central Bank (CBRT) employees are shared, the direct food-related impact of the Ramadan month on headline inflation in 2025 was approximately 0.5 percentage points. The analysis, which examines the impact of the Ramadan month on food prices, which play an important role in price stability, reveals that in February and March, the Ramadan month had an upward effect on raw food inflation by 1.16 and 3.53 percentage points respectively; and on food and non-alcoholic beverage inflation by 0.75 and 1.09 percentage points. The analysis stated, “Thus, we calculate the direct food-related impact of the Ramadan month on headline inflation in 2025 as approximately 0.5 percentage points.” Consequently, the trend of price increases in meat and chicken meat observed before the Ramadan month intensified during the Ramadan month and then proceeded relatively moderately after the Ramadan month. As for egg prices, there was an increase as of the Ramadan month, followed by a decrease in the subsequent period. The analysis pointed out, “The tendency for price increases related to the Ramadan month in all examined products to become permanent is noteworthy.”