BY ALAATTIN AKTAS We may be at the beginning of March but, considering the current course of events, let’s not be surprised if March inflation reaches double digits, just like it did in December and January. Let’s underline this reality. The hikes, which broke records in December and January, were completely our own doing. Oil...
Tag: inflation
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Annual inflation exceeds 50% in February
Turkey saw a 54.4% annual hike in consumer prices in February, according to the Turkish Statistical Institute (TurkStat). The figure was 46.89% in the previous month. The monthly inflation rate was 4.81% in February. TurkStat said the Domestic Producer Price Index (D-PPI) skyrocketed to 105.01% in February on an annual basis. The D-PPI rose by...
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The cost of the war will be seen in March: OPINION
BY ALAATTIN AKTAS It would be optimistic to think that the troubles that will be caused Russia-Ukraine in the Turkish economy will be limited to just a few weeks. TOURISM GOES OFF THE RAILS Last year, 4.7 million tourists from Russia and 2.1 million from Ukraine came to Turkey. The share of Russian tourists in...
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Inflation broke another record with price hikes in January
BY SEBNEM TURHAN The annual inflation rate jumped to 48.69% while consumer prices rose by 11.1% as a result of the price hike in critical sectors, according to the Turkish Statistical Institute (TurkStat). Annual inflation hit a 20-year high in January, seeing its highest level since 2002. The Domestic Producer Price Index (D-PPI) increased monthly...
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Inflation hits 30-year high in OECD area
The annual inflation in the Organization for Economic Cooperation and Development (OECD) rose by 6.6% in December 2021, the highest rate since July 1991. The figure was 5.9% in November 2021 and 1.2% in December 2020, according to the data released by the OECD. The surge mainly stemmed from the annual inflation jump in Turkey...
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Inflation remains at 19-year high
Turkey saw a 48.69% annual hike in consumer prices in January, according to the Turkish Statistical Institute (TurkStat). Thus, the figure hit a 19-year high last month. The annual inflation was 36.08% in the previous month, according to TurkStat. The highest annual price increase last month was seen in transportation with 68.89%, followed by food...
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Manufacturing PMI hits an 8-month low
The Istanbul Chamber of Industry (ICI) Turkey Manufacturing PMI (Purchasing Managers Index) posted 50.5 in January, down from 52.1 in December 2021. Thus, the manufacturing PMI fell to its lowest level in the last eight months. However, the headline PMI remained above the threshold of 50.0 with the support of employment and suppliers’ delivery times...
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Central Bank explains liraization on inflation letter
The Central Bank has explained in an open letter to Treasury and Finance Minister Nuredin Nebati why the inflation target hasn’t been achieved. The bank, which is obliged to report to the government the reasons behind the failure of inflation targeting in black and white in line with the law, stated that the inflation remained...
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Central Bank revises up year-end inflation forecast for 2022-23
The Central Bank on Thursday revised its year-end inflation forecast upwards for both 2022 and 2023 while keeping its medium-term target at 5%. Annual inflation is projected to hit 23.2% in Turkiye by the end of 2022, revised up from 11.8% in the previous report, Central Bank Governor Sahap Kavcioglu told a meeting held to...
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A highly credible program should be implemented for inflation: ASO
Turkey should immediately implement a highly credible program to fight against inflation, says Nurettin Ozdebir, Chairman of the Ankara Chamber of Industry (ASO). Speaking at the ASO January Assembly meeting, Ozdebir said inflation will continue to be a problem until the impacts of the pandemic disappear. It has now become a structural problem, he said....