Turkey’s annual inflation rate rose to 32.87% in October, with a monthly increase of 2.55%, according to data released by the Turkish Statistical Institute (TurkStat). Prices have risen 28.63% since December.
The 12-month rolling inflation rate was 37.15%, which also sets the rent increase cap for residential and commercial properties.
Among the main spending categories, housing recorded the highest annual increase at 50.96%, followed by food and non-alcoholic beverages at 34.87%, and transportation at 27.33%. Their respective contributions to overall inflation were 7.75%, 8.44%, and 4.34%.
Spring frost still impacts consumers amid unprecedented fruit prices
On a monthly basis, prices in food and non-alcoholic beverages rose by 3.41%, housing by 2.66%, and transportation by 1.07%.
TurkStat did not publish the detailed item price list for October despite a court ruling ordering its release. The institute last published the list in Apr 2022.
Instead of the item list, TurkStat released data showing that out of 143 main expenditure categories, prices increased in 118, decreased in 18, and remained unchanged in 7.
İstanbul inflation
The İstanbul Chamber of Commerce (İTO) reported on Nov 1 a 3.31% increase in its Consumer Price Index and a 1.51% rise in the Wholesale Price Index for October. Compared to the same month last year, retail prices were up 40.84%, while wholesale prices rose 23.78% in the city.
The largest monthly increase in İstanbul was seen in clothing and footwear, up 17.26%, followed by communication at 5.42%, and food and non-alcoholic beverages at 4.05%. Prices also increased in restaurants and hotels (3.97%), alcoholic beverages and tobacco (2.38%), miscellaneous goods and services (2.33%), housing (2.21%), household goods (2.02%), entertainment and culture (1.39%), and transportation (0.61%). Education and health expenditures showed no change.
İTO said the October rise in retail prices was driven by the start of the winter season, which increased clothing and footwear costs, as well as higher communication service prices and seasonal effects on food and restaurant expenses.
In wholesale prices, the largest increases were recorded in food (3.40%), fuel and energy materials (3.13%), and minerals (2.53%). Chemical materials and processed goods saw declines of 0.81% and 0.91%, respectively, while textile products remained unchanged. (HA/VK)
