While inflation increased by 6.70 percent in January in comparison to the previous month, annual inflation rose to 64.86 percent. Market expectations were that CPI would increase by 6.62 percent monthly and 64.76 percent in January.
Economists had predicted that the minimum wage hike and administered price and automatic tax adjustments would cause the inflation trend to rise again in January. It is stated that annual inflation may continue to rise in the first half due to the postponed administered price adjustments after the elections and the low base from last year.
The details in the bulletin published by TURKSTAT are as follows:
The change in CPI (2003=100) in January 2024 was 6.70 percent compared to the previous month, 64.86 percent compared to the same month of the previous year and 54.72 percent compared to the twelve-month averages.
The main group with the lowest increase compared to the same month of the previous year was clothing and footwear with 40.62 percent. On the other hand, the main group with the highest increase compared to the same month of the previous year was restaurants and hotels with 92.27 percent.
By main expenditure groups, the main group with the lowest month-on-month increase in January 2024 was clothing and footwear with -1.61 percent. On the other hand, the main group with the highest month-on-month increase in January 2024 was health with 17.68 percent.
Among the 143 main headings covered in the index (Classification of Individual Consumption by Purpose-COICOP 5-Level), the indices of 8 main headings decreased, while the indices of 4 main headings remained unchanged as of January 2024. The indices of 131 main headings increased.
PPI 44.20 percent year-on-year
Domestic producer prices index (D-PPI) (2003=100) increased by 4.14 percent in January 2024 compared to the previous month, 44.20 percent compared to the same month of the previous year and 47.35 percent compared to the twelve-month averages.
ENAG: Annual inflation is at 129.11%
The Inflation Research Group (ENAG), an independent group of academics and economists, announced the results of its January inflation research.
According to ENAG data, the Consumer Price Index (E-CPI) increased by 9.38 percent in January. The increase in E-CPI for the last 12 months was 129.11 percent.
