Turkey’s official annual inflation rate drops to 49.38 pct in September
Turkey's official statistics institution reported a monthly inflation rate of 2.97 percent in September, with the annual inflation rate dropping to 49.38 percent. However, the independent research group ENAG calculated a higher monthly inflation rate of 5.34 percent, with a 12-month increase of 88.63 percent.
Duvar English
Turkey's annual consumer price index decreased to 49.38 percent in September, according to official data released by the Turkish Statistical Institute (TUİK) on Oct. 3.
Inflation stood at 2.97 percent compared to the previous month, 35.86 percent compared to December 2023, and 63.47 percent according to the twelve-month averages.
The main group with the highest annual increase was housing with 97.87 percent, followed by education with 93.59 percent.
By main expenditure groups, the highest monthly increase was education with 14.21 percent with the opening of the new education year, followed by alcoholic beverages and tobacco group with 4.16 percent.
Meanwhile, the Domestic Producer Price Index (D-PPI) increased by 33.09 percent on an annual basis and 1.37 percent on a monthly basis.
On the other hand, according to the Inflation Research Group (ENAG), an independent group of academics and economists, the consumer price index increased by 5.34 percent in September and by 88.63 percent annually.
The central bank has hiked interest rates by 4,150 basis points since June last year, to 50%, and vowed to tighten further in the case of a significant deterioration in inflation.
Recently, the Turkish government raised inflation targets for the end of 2024 from 33 to 41.5 percent.