Annual inflation rate was 12.62 percent in June, says TurkStat

* Photo: Çorum Municipality / Twitter

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The Turkish Statistical Institute (TurkStat) announced the consumer and producer price indexes for June 2020 today (July 3).

According to the figures shared by the Institute, the Consumer Price Index (CPI), also termed consumer inflation, has increased by 12.62 percent in comparison with the same month last year and by 1.13 percent in comparison with the previous month. 

A rise in general index was realized in the Consumer Price Indep by 5.75 percent when compared to December 2019 and a rise by 11.88 percent when compared to twelve-month averages.

With the announcement of these recent figures, the rates of rise to be applied to the salaries of civil servants and pensions have been set.

After the collective labor agreement was signed, the wages were increased by 4 percent in early 2020. If the inflation is over four percent, the rest of this rate is added to the civil servants' salaries as inflationary gap.

As the inflation has been calculated as 5.75 in the first half of 2020, pensioners and civil servants will be paid more by 1.75 percent as of July. 

Other highlights from the TurkStat statistics are as follows:

* Annual rate of changes in consumer price index, June 2020

Highest annual increase in alcohol, tobacco

In June 2020, the lowest annual increase was in communication with 4.84 percent. Recreation and culture with 6.32 percent, furnishings and household equipment with 9.74 percent and clothing and footwear with 10.66 percent were the other main groups where low annual increases realized.

On the other hand, alcoholic beverages and tobacco with 22.41 percent, miscellaneous goods and services with 19.80 percent and housing with 14.95 percent were the main groups where high annual increases realized.

Only monthly decrease was in food, beverages

In June 2020, the only main group that indicated a decrease was food and non-alcoholic beverages with 1.60 percent.

Housing with 0.70 percent, alcoholic beverages and tobacco with 0.87 percent and miscellaneous goods and services with 0.97 percent were the groups that indicated lowest monthly increase amongst the main groups.

On the other hand, transportation with 4.49 percent, hotels, cafes and restaurants with 2.83 percent and recreation and culture with 2.45 percent were the main groups where high monthly increases realized.

Prices of 290 items increased in June

In June 2020, within average prices of 418 items in the index, the average prices of 71 items decreased and the average prices of 57 items remained unchanged while the average prices of 290 items increased.

On an item basis, the highest price increase was realized in green beans with 25.97 percent. The highest price decrease was recorded in garlic with 24.32 percent. (HA/SD)