Turkey's Inflation Figures Revealed: Annual Consumer Inflation Soars to 69.80%

According to TurkStat's announcement, the annual consumer inflation rate reached 69.80%, surpassing expectations that inflation could exceed 70%.

Additionally, the monthly Consumer Price Index (CPI) was reported at 3.18%.

Comparatively, the CPI increased by 18.72% compared to the same month of the previous year, by 69.80% compared to the same month of the previous year, and by 59.64% based on the twelve-month averages.

Inflation Exceeds 100% in Education Sector

According to the data, the main group showing the lowest increase compared to the same month of the previous year was clothing and footwear, with an increase of 51.20%.

On the other hand, the main group with the highest increase compared to the same month of the previous year was the education sector, with a staggering 103.86% rise.

Monthly Basis: Alcohol and Tobacco Inflation at 9.56%

By major expenditure groups, healthcare experienced the lowest increase, rising by 1.03% compared to the previous month.

Conversely, alcoholic beverages and tobacco witnessed the highest increase, reaching 9.56% compared to the previous month.

Rise in 123 Fundamental Categories

Out of the 143 fundamental categories covered by the index (according to COICOP 5-level classification), as of April 2024, there was a decrease in the index of 13 fundamental categories, while 7 fundamental categories remained unchanged.

However, there was an increase in the index of 123 fundamental categories.

Excluding unprocessed food products, energy, alcoholic beverages, and tobacco, the CPI rose by 3.24% compared to the previous month. In these categories, inflation stood at 18.58% compared to December of the previous year, 72.72% compared to the same month of the previous year, and 64.57% based on twelve-month averages.