Turkish Statistical Institute (TurkStat) Announces Inflation Figures

Consumer prices rose by 85.51 percent year-on-year in October, the Turkish Statistical Institute (TurkStat) said in a statement. ENAG stated that annual inflation was 185.34 percent in October.

Turkish Statistical Institute (TurkStat) announced the inflation figures for October. Annual consumer inflation (CPI), which was 83.45 percent last September, rose to 85.51 percent in October. This inflation rate was announced as a new 24-year high. The Inflation Research Group (ENAG), formed by independent academics, calculated monthly inflation as 7.18 percent and annual inflation as 185.34 percent in October. The change in CPI in October 2022 was 3.54 percent compared to the previous month, 57.80 percent compared to December of the previous year, 85.51 percent compared to the same month of the previous year and 65.26 percent according to the twelve-month averages.

Transportation at Record High

The main group with the lowest increase compared to the same month of the previous year was communication with 33.48 percent. In addition, the main group with the highest increase compared to the same month of the previous year was transportation with 117.15 percent. By main expenditure groups, the main group with the lowest increase in October 2022 compared to the previous month was education with 0.36 percent. On the other hand, the main group with the highest increase in October 2022 compared to the previous month was clothing and footwear with 8.34 percent. In October 2022, out of 144 core headings covered in the index, the indices of 13 core headings decreased, while the indices of 4 core headings remained unchanged. The indices of 127 core headings increased. The change in CPI excluding unprocessed food products, energy, alcoholic beverages and tobacco and gold was recorded as 3.24 percent in the October-September comparison of 2022, 50.57 percent compared to December of the previous year, 77.01 percent compared to the same month of the previous year and 56.71 percent compared to the twelve-month averages.

Last October's Champion was Vegetables

The highest monthly increase in CPI was seen in vegetables with 26.23 percent. This increase was followed by pasta varieties with 12.72 percent, women's clothing with 12.38 percent, stationery and drawing materials with 11.79 percent, eggs with 9.62 percent, men's clothing with 9.40 percent, washing machines with 9.11 percent and tap water with 7.17 percent.

Prices of Pet Products Declined

In addition, the product with the lowest monthly price increase in CPI was jewelry, watches and wristwatches with 0.05 percent. This was followed by bedroom furniture with 0.31 percent. The product with the highest price decrease in October was pets and other related products with 19.42 percent. The second product with the highest price decrease was electrical appliances used in personal care with 4.21 percent. With 2.90 percent, intercity passenger transportation by road, package tours with 2.58 percent and margarine with 2.34 percent followed the list. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!