Turkish consumer prices continued to rise in June despite interest rate rises and tightening measures the government has been taking to cool down the economy. According to Turkish Statistical Institute, inflation increased by 1.64 percent in June, and annual inflation decreased to 71.60 percent. in May, the annual inflation was at 75,45 percent and there was a 3,37 percent of monthly increase in prices. inflation data was realized below the expectations of economists on a monthly and annual basis. Experts stated that inflation data coming below 2 percent on a monthly basis would be welcomed positively by the markets.
Clothing and footwear with 47.84 percent was the main group that indicated the lowest annual increase. On the other hand, education with 107.11 percent was the main group where the highest annual increase realized. On a monthly basis, in June 2024, clothing and footwear with -0.58% was the main group that indicated the most monthly decrease. On the other hand, housing with 3.79% was the main group where the highest monthly increase realized.
In June 2024, within price indices of 143 basic items in the index, the index of 35 items decreased and the index of 5 items remained unchanged while the index of 103 items increased.
A change in CPI excluding unprocessed food, energy, alcoholic beverages, tobacco and gold on the previous month by 1.90 percent. The core inflation since December 2023 is calculated as 25.39 percent. Annual core inflation on the other hand increased to 70.40 percent and on the twelve months moving averages basis by 68.25 percent in June 2024.
ENAG inflation is at 113%
Nonetheless, an independent research group ENAGrup calculates the inflation much higher than the official data. According to ENAGrup, CPI increased by 4.27 percent in June, 2024 on a monthly basis. That brings the annual inflation to 113.08 percent.
PPI at 50.09% year-on-year
Domestic Producer Price Index (D-PPI) increased by 1.38 percent in June compared to the previous month, 19.49 percent compared to December of the previous year, 50.09 percent compared to the same month of the previous year and 47.97 percent compared to the twelve-month averages.
