Turkey’s annual consumer inflation rate nears 20 percent

* Photo: Anadolu Agency (AA)

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The Turkish Statistical Institute (TurkStat), the state agency responsible for producing official statistics on Turkey, announced the Consumer Price Index (CPI) for October 2021 earlier today (November 3)

While the CPI increased by 2.39 percent when compared to the previous month (September 2021), it increased by 19.89 percent when compared to the same month of the previous year (October 2020).

According to the TurkStat statistics, the CPI increased by 15.75 percent when compared to the rate in December 2020 and it increased by 17.09 percent on the basis of the 12-month moving averages.

Annual rate of changes in CPI (%), October 2021

Highest increase in food, beverages

The TurkStat data has shown that food and non-alcoholic beverages with 27.41 percent, hotels, cafes and restaurants with 25.23 percent and furnishings and household equipment with 23.03 percent were the main groups where high annual increases were realized.

The lowest annual increase was 5.29 percent in communication. Alcoholic beverages and tobacco with 7.88 percent, clothing and footwear with 8.08 percent and recreation and culture with 13.12 percent, were the other main groups where low annual increases were realized.

Highest monthly increase in clothing, footwear

Education with 0.17 percent, recreation and culture and communication with 0.51 percent were the main groups that saw the lowest monthly increase. 

On the other hand, clothing and footwear with 7.56 percent, alcoholic beverages and tobacco with 5.97 percent, and transportation with 2.43 percent were the main groups with high monthly increases.

Prices of 331 items increased

In October 2021, within average prices of 415 items in the index, the average prices of 46 items decreased and the average prices of 38 items remained unchanged while the average prices of 331 items increased. (HA/SD)