TURKSTAT data shows that consumer prices have increased by 15.09% since the beginning of the year, with a 12-month average inflation rate of 45.80%.
Food prices saw a 32.87% annual increase
Among the top three spending categories, food and non-alcoholic beverages rose by 32.87% annually, transportation by 24.59%, and housing by 67.43%. These categories contributed 8.25, 4.07, and 9.34 percentage points respectively to the annual inflation rate.
Food prices dropped on a monthly basis
On a monthly scale, food and non-alcoholic beverages fell by 0.71%, while transportation increased by 2.66% and housing by 2.99%. Their respective contributions to the monthly inflation rate were -0.18, 0.40, and 0.48 percentage points. The drop in food prices are likely to be a result of the arrival of the summer months.
Ongoing legal violation over price list transparency
TURKSTAT has not released the itemized price list it last published on Apr 4, 2022, despite a court ruling requiring it to do so. The Confederation of Progressive Trade Unions of Turkey (DİSK) had filed a lawsuit, and the Ankara 6th Administrative Court ruled on Mar 31, 2023, that the data was essential for the union’s mandate. TURKSTAT lost on appeal but still has not disclosed the list in any inflation report for over three years.
Instead, TURKSTAT publishes statistics based on broader spending categories. According to its latest data, prices rose in 111 out of 143 main items in the index, dropped in 28, and remained unchanged in 4.
ENAG reports annual inflation at 71%
Meanwhile, ENAG, an independent group of academics and economists, released its Electronic Consumer Price Index for May. ENAG reported monthly inflation at 3.66% and annual inflation at 71.23%, nearly double TURKSTAT’s figures.
Turkish Statistical Institute: Financial outlook fails to improve, economic confidence declines
(HA/DT)
