Breaking News: Turkish Inflation Slows in August, but remains High
ANKARA – Turkey’s annual inflation rate eased slightly in August, according to data released today by teh Turkish Statistical Institute (TurkStat). The Consumer Price Index (CPI) rose 25.16 percent year-on-year, marking the lowest level in 45 months – previously recorded at 21.31 percent in November 2021.
Though, inflation remains elevated. Producer Price Index (PPI) increased by 2.48 percent compared to the previous month. Year-over-year, the PPI climbed 20.62 percent compared to December 2023 and 25.16 percent compared to August of the previous year. Yi-PPI rose 2.48 percent compared to the previous month, 20.62 percent compared to December last year, 25.16 percent compared to August last year and 26.28 percent compared to 12 months.
sectoral Breakdown:
Industry: Mining and quarrying saw a 27.62 percent annual increase, manufacturing 24.73 percent, electricity, gas production and distribution 26.68 percent,and water supply a significant 55.35 percent.
Industrial Groups: Intermediate goods rose 22.02 percent, durable consumer goods 30.22 percent, non-durable consumer goods 28.94 percent, energy 24.76 percent, and capital goods 26.61 percent.
Monthly Industry Changes: Mining and quarrying increased by 1.97 percent, manufacturing 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 goods increased by 1.34 percent, durable consumer goods 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 at 6.04 percent. Food and non-alcoholic beverages rose 3.02 percent, transportation 1.55 percent, and housing 2.66 percent.
Food and non-alcoholic beverages contributed 0.72 percent to the monthly change, transportation 0.24 percent, and housing 0.46 percent.
Annual Consumer Spending:
Clothing and shoes recorded the smallest annual increase at 9.49 percent.
Education experienced the largest annual increase at 60.91 percent.
Food and non-alcoholic beverages rose 33.28 percent, transportation 24.86 percent, and housing 53.27 percent.
Food and non-alcoholic beverages contributed 7.97 percent to the annual change, transportation 4.1 percent, and housing 8.12 percent.
Of the 143 basic headings covered in the index,20 decreased,4 remained unchanged,and 119 increased.
Rent increases are slated to be 39.62 percent in September.