Consumer prices (CPI) rose by 4.53 percent in February. Thus, annual inflation rose to 67.07 percent and reached a 15-month high.
Producer prices (PPI), on the other hand, increased by 3.74 percent monthly and 47.29 percent annually. The highest increase in main expenditure groups was in education, while the main group with the lowest increase was clothing and footwear.
According to the statement made by Turkish Statistical Institute:
A change in general index was realized in CPI (2003=100) on the previous month by 4.53%, on December of the previous year by 11.54%, on same month of the previous year by 67.07% and on the twelve months moving averages basis by 55.91% in February 2024.
In February 2024, clothing and footwear with 0.20% was the main group that indicated the lowest monthly increase. On the other hand, education with 12.76% was the main group where the highest monthly increase realized (indices, weights and rate of changes (%) by main expenditure groups are given in the Table-1).
Clothing and footwear with 43.44% was the main group that indicated the lowest annual increase. On the other hand, hotels, cafes and restaurants with 94.78% was the main group where the highest annual increase realized.
A change in CPI excluding unprocessed food, energy, alcoholic beverages, tobacco and gold was realized in CPI (2003=100) on the previous month by 4.23%, on December of the previous year by 11.37%, on same month of the previous year by 70.31% and on the twelve months moving averages basis by 60.96% in February 2024.
The Inflation Research Group (ENAG), an independent group of academics and economists, also announced the results of its February inflation survey, and for the first time TÜİK inflation was higher than ENAG inflation.
According to ENAG data, the CPI increased by 4.32 percent in February. The increase in CPI for the last 12 months was 121.98 percent. In January, CPI increased by 9.38 percent monthly and 129.11 percent annually.