Transportation and recreation gauges - which are sensitive to cheap oil and Turkey's partial lockdown respectively - nudged the year-on-year measure of consumer prices down to 10.94%, the Turkish Statistical Institute said.

Turkey is almost entirely dependent on imports for its energy needs, and the recent energy price slump had already pushed annual inflation down to 11.86% in March after four consecutive months of rises.

Month-on-month inflation was 0.85% in April, compared with a forecast of 0.6% in a Reuters poll, partly owing to higher food and clothing prices.

Reflecting rising risks in Turkish markets, five-year credit default swaps jumped in the past two trading days and stood above 600 basis points.

Copyright Reuters, 2020