Northern Cyprus Economy Under Pressure: Inflation Still Near 38% in Mid-2026

Northern Cyprus Economy Under Pressure: Inflation Still Near 38% in Mid-2026

An earlier version of this article quoted monthly and annual inflation rates that we could not match to any official release. We have rewritten it using the TRNC Central Bank’s quarterly bulletin, which publishes consumer price data from the TRNC Statistical Institute.

The latest official figures

• Annual inflation: 38.15% in April 2026, 37.28% in May and 38.46% in June, each compared with the same month a year earlier.
• Monthly inflation: 4.62% in April 2026, 2.06% in May and 2.29% in June. The same months in 2025 saw 4.06%, 2.71% and 1.42%.
• Since December 2025: consumer prices rose 16.95% in the first six months of 2026.
• Full years: 39.45% in 2025, 53.29% in 2024, 83.63% in 2023 and 94.51% in 2022 (December to December).

Inflation has fallen a long way from the 2022–2023 peak. It has not fallen much since the end of 2025, and it remains several points above Turkey’s rate.

Where prices rose fastest

In June 2026 the categories with the highest annual price growth were:

• education: 52.84%
• health: 43.49%
• miscellaneous goods and services: 42.23%

The smallest increase was in furniture and household appliances, at 23.43%. For households, school fees and medical bills are the costs most likely to outrun a budget set a year ago.

Wages

The gross minimum wage was raised to 60,618 TL from 1 January 2026. Press reports of the minimum wage commission’s mid-year decision put it at 70,893 TL gross (about 61,677 TL net) for the second half of the year, an increase of 16.95%.

What this means if you are moving or buying

• Costs in lira are best treated as provisional. Ask for written quotes close to the date you need them.
• Many property prices and some rents are quoted in GBP or EUR, which shields the buyer from lira inflation but not from exchange-rate moves.
• For a broader picture, see our cost of living guide.

Sources

• TRNC Central Bank, Bulletin 2026 Q2 (tables on consumer prices, inflation rates and the minimum wage)
• Vatan: minimum wage for the second half of 2026

Last reviewed: 24 October 2026