Turkey Inflation Hits 13-Month High, Producer Price Growth Accelerates
Turkey’s consumer price inflation reached a 13-month high in December, according to data from the Turkish Statistical Institute. The consumer price index rose by 64.77 percent year-over-year, marking the second consecutive month of increase and the highest level in over a year. In November, the increase was recorded at 61.98 percent. The latest inflation rate is the highest since November of the previous year when prices rose by 84.39 percent.
Transport costs saw an accelerated pace of growth, rising by 77.14 percent annually in December compared to a 70.0 percent surge in November. Food and non-alcoholic beverages experienced a significant jump of 72.01 percent in prices, while charges for hotels, cafes, and restaurants showed a sharp growth of 93.24 percent.
On a month-on-month basis, consumer prices increased by 2.93 percent in December, which is slower than the 3.28 percent gain in November. Meanwhile, producer price inflation climbed to 44.22 percent in December from 42.59 percent in the previous month, as per separate data from the statistical office.
Among the main industrial sectors, prices in the mining and quarrying sector rose by 65.59 percent, while manufacturing prices jumped by 53.68 percent. However, prices in the utility sector declined by 29.69 percent.
In summary, Turkey’s inflation has reached a 13-month high as consumer prices continue to rise. This surge in inflation is driven by increased costs in transportation and significant price hikes in food, non-alcoholic beverages, and the hospitality sector. The producer price inflation has also climbed, reflecting the broader increase in prices across various industries. The inflationary trend raises concerns about the economic stability of Turkey and its impact on consumers and businesses alike.
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