Breaking News: Turkish Inflation Slows in August, but remainsโฃ High
ANKARAโค – Turkey’s annual inflation rate eased slightly in August, according to data released today by teh โคTurkish Statistical Institute (TurkStat). Theโข Consumerโ Price Index (CPI) roseโ 25.16 percent year-on-year, โmarking the lowestโ level in โ45 months – previously recorded at 21.31 percent inโ November 2021.
Though, inflation โremains elevated. Producer Price Index (PPI) increased by 2.48 percent comparedโฃ to the previous month. Year-over-year, the PPI climbed 20.62 percent compared to Decemberโ 2023 and โ25.16 percent compared to August of the previous year. Yi-PPI rose 2.48 percent compared to the โขprevious month,โ 20.62 percent compared toโฃ December last year, 25.16โ percent compared to August last year and 26.28 percent โcompared to โ12 months.
sectoral Breakdown:
Industry: โ Mining and quarrying saw a 27.62 percent โannualโข increase, manufacturing 24.73 percent, electricity, gas production and distribution 26.68 percent,andโข waterโ supply a significant 55.35 percent.
Industrial Groups: โค Intermediate goods rose 22.02 percent, durable consumer โคgoods 30.22 percent, non-durable consumer goods 28.94 percent, energy 24.76 percent, and capitalโค goods โข26.61โข percent.
Monthly Industry Changes: Mining and quarrying increased by 1.97 percent, โฃmanufacturing by 1.78 percent, electricity, gas production and distribution by 10.09 percent, and water supply by 0.82 percent.
Monthly industrial Group Changes: Intermediate โขgoods increased by 1.34 โคpercent, durable โฃconsumer goodsโค by 1.26 percent, non-durable consumer goods by 3.21 percent, energy by 6.39 percent, and capital goods by 1.11 percent.
Consumer Spending:
Clothing and shoes experienced a monthly decrease of 0.71 percent.
Alcoholic beverages and tobacco saw the largest monthly increase atโฃ 6.04 percent. โฃ โค Food โand non-alcoholic beverages rose 3.02 percent, transportation 1.55 percent,โ and housing โค2.66 percent.
Foodโ and non-alcoholic beverages โขcontributed 0.72 percent to the monthly change, transportation โฃ0.24 percent, and housingโ 0.46 percent.
Annual Consumer Spending:
Clothing and โshoes recorded the smallest annual increase โขat 9.49 โคpercent.
โคEducation experienced the largest annual increase at 60.91 percent.
โค Food and non-alcoholic beverages rose 33.28 percent, transportation 24.86 percent, and housing 53.27 โฃpercent.
โ Food and non-alcoholic beverages contributedโข 7.97 percent to the annual change, transportation 4.1 percent, โand housing 8.12 percent.
Of the 143 basic headings โคcovered in theโฃ index,20 decreased,4 remained unchanged,and 119 increased.
Rent increases are slated toโฃ beโ 39.62 โฃpercent in September.