1 million Romanian tourists affected: A country visited by them in 2023 hit by crisis, price increases by 70%

Romanians are thinking more and more about the 2024 vacation and are studying the tourism offers for this summer to attractive destinations, but also with reasonable costs. One million Romanian tourists spent their holidays in 2023 in a country with beautiful beaches, Turkey, but now many of them find that there are price increases of almost 70% and they will be affected if they repeat the trip.

Consumer price inflation reached around 70% in Turkey in March 2024, driven mainly by the level of food and service prices, according to Daily Sabah.

The latest data published by the Ankara Tourism Promotion and Development Authority show that 999,005 Romanians spent their holidays in Turkey in 2023.

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Turkey received 56.7 million international tourists in 2023, an increase of 10% compared to the previous year. Turkey is set to attract 60 million tourists and bring in $60 billion in tourism revenue by the end of 2024.

In January 2024, inflation rose by 6.7%, partly due to a significant increase in the minimum wage and a series of price updates in the New Year. Monthly inflation in February was 4.53%, driven by food prices and the lingering impact of the minimum wage hike on the services sector.

The median estimate of 11 economists for March inflation was 69.1 percent, with forecasts ranging from 68.2 percent to 70.54 percent, according to a Reuters poll. The monthly forecast for price growth ranged from 3% to 4.42%.

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Separate data from Monday showed retail prices in Istanbul rose 3.93 percent month-on-month in March, according to the Istanbul Chamber of Commerce (ITO). Year-on-year, the index that reflects wholesale price movements has seen an increase of 63.21%.

Compared to the previous month, spending on health and personal care increased by 3.05% and food increased by 3.62%, while spending on household goods and housing increased by 6.01%, respectively 3.90%.

The data showed an increase of 1.06% in transport and communication expenditure and 8.96% in clothing expenditure.

Turkey’s central bank, which had already raised interest rates by 3,650 basis points since June before pausing its tightening, decided to raise the benchmark rate by another 500 basis points on March 21 due to the worsening inflation outlook.

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In its rate-setting meeting report, the central bank said top indicators pointed to a slowdown in core inflation in March. It added that rising prices of food, services and basic goods would have an impact on last month’s inflation.

The Reuters poll showed annual inflation falling to 43.75 percent by the end of the year, higher than the central bank’s 36 percent target, based on the median estimate. Forecasts ranged from 40.1% to 48%.

The Turkish lira depreciated more than 36% against the US dollar last year and is about 8.6% weaker this year.

It briefly touched 33 Turkish lira to the dollar in recent trading following the results of Sunday’s municipal elections. At 7:30 AM GMT, it was at 32.43, lower than Friday’s close. Many foreign financial markets were closed on Monday for the Easter holiday.