As inflation surges, government raises retiree pensions
Prices have seen an annual surge of 11.84 percent, the Turkish Statistical Institute said on Friday. An inflation rate of 0.74 percent was also observed between November and December 2019. As a result, the government is to raise retiree pensions. That of public officials will be raised by 5.49 percent, while that of labor retirees will be 6.49 percent.
Duvar English
On Friday, Turkey's Statistical Institute (TÜİK) said inflation had increased by 0.74 between November to December 2019. That brings the year's overall inflation rate to 11.84 percent.
August 2019 saw an inflation rate of 15.01 percent. Inflation then dropped to single digits with 9.26 percent in September and 8.55 percent in October.
Alcohol most overpriced good, food prices biggest hike in December
Alcohol and tobacco prices have seen the greatest increase in the last year with a 43.12 percent hike in the year 2019.
The education sector follows with a 14.46 percent inflation rate. Then comes healthcare, the third most overpriced industry, which recorded a 13.63 percent inflation rate.
Clothes remain the cheapest consumer good with a mere 4.53 percent inflation rate.
Food and non-alcoholic beverages have seen the largest price hike in the past month with a 2.93 percent increase in price levels.
Retiree pensions raised to counteract inflation
To make up for the inflation, the government is to raise the pensions of public officials. A collective contract initially determined that raise to be 4 percent. It was also decided that the percentage points of the past six months' inflation rate that exceed 5 percent would be added to that raise. Those percentage points were equal to 1.49. Thus, the total pension raise will amount to 5.49.
As for retirees of manual labor, trade or agriculture, their raise in pensions will be equal to the past six months' inflation rate, which was 6.49 percent.