Annual inflation rate increases by 11.76 percent

Photo: AA, Graphics: TurkStat

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Consumer price index (CPI) increased by 11.76 percent annually and 0.58 percent monthly in July, the Turkish Statistical Institute (TurkStat) announced today (August 4).

The increase was 6.37 percent compared to December 2019 and 11.51 percent according to 12-month rolling averages. The average prices of 253 out of 428 items in the inflation basket have increased.

The highest increase was in miscellaneous goods and services

Transportation (2.44 percent), miscellaneous goods and services (2.39 percent) and furnishings and household equipment (2.38 percent) were the main groups with the highest monthly increases.

Recreation and culture (6.04 percent), furnishings and household equipment (7.78 percent) and transportation (8.81 percent) were the other main groups with low annual increases.

Miscellaneous goods and services (21.90 percent), alcoholic beverages and tobacco (21.78 percent) and health (14.17 percent) were the main groups with high annual increases.

The highest monthly decrease was in clothing and footwear

The highest monthly decrease was in the clothing and footwear group with 3.48 percent and in the food and soft drinks group with 1.28 percent.

The other main group that indicated a decrease was food and non-alcoholic beverages with 1.28 percent.

Transportation (2.44 percent), miscellaneous goods and services (2.39 percent) and furnishings and household equipment (2.38 percent) were the main groups with high monthly increases.

The government's year-end inflation target is 8.5 percent for 2020, as laid out last September in its new economic program.

Meanwhile, Turkey's Central Bank last week revised its year-end inflation forecast to 8.9 percent, up from 7.4 percent. (HA/VK)