Turkey's independent academics announce annual inflation rate as 170 percent

Turkey's Inflation Research Group (ENAG), founded by a group of independent academics, has announced the country's annual inflation rate as 170.70 percent in November, far higher than the official figure of 84.39 percent.

Monday December 05 2022 10:14 am

Duvar English

Turkish annual inflation rose 84.39% in November, official data showed on Dec. 5. This figure came after the inflation rate climbed to its 24-year high of 85.51% in October.

Month-on-month, consumer prices rose 2.88% in November.

In the last four months, the central bank slashed its policy rate by a total of 500 basis points to 9%.

According to unofficial data from the ENAG Inflation Research Group, an independent institution set up in 2020 to track the country’s inflation, Turkey’s annual consumer price inflation rate was 170.70% in November, far higher than official claims. ENAG also said that prices in Turkey increased by 4.24% percent month-on-month in November.

ENAGrup Consumer Price Index (E-CPI) increased by 4.24% in November, 2022

E-CPI increased by 170.70% in the last 12 months.
— ENAG (@ENAGRUP) December 5, 2022

Month-on-month the food category led the price rises with 5.75%, followed by alcoholic beverages and tobacco, which rose 3.19%.

Transportation, which includes petrol prices, led the annual rise with 107.3%, followed by food prices at 102.55% and furniture and household equipments at 92.83%.

The domestic producer price index was up 0.74% month-on-month in November for an annual rise of 136.02%.

The government's economic programme prioritises low rates to boost production and exports with the aim of achieving a current account surplus.