According to data from the Turkish Statistical Institute (TÜİK), the consumer price index (CPI) rose by 2.04% on a monthly basis in August, while the domestic producer price index (Yİ-ÜFE) increased by 2.48%. On an annual basis, the CPI was recorded at 32.95 percent and the DPPI at 25.16 percent. Based on 12-month averages, the CPI rose 39.62 % and the DPPI rose 26.28 %.
The CPI rose by 21.5% in August compared to December last year, while the PPI rose by 20.62% in the same period. The CPI fell to its lowest level in the last 45 months on an annual basis; the previous low was recorded at 21.31% in November 2021.
PPI rose on a sectoral basis
Domestic producer prices increased in all four main sectors of industry. The annual increase was 27.62% in mining and quarrying, 24.73% in manufacturing, 26.68% in electricity, gas production and distribution, and 55.35% in water supply. On a monthly basis, mining and quarrying increased by 1.97%, manufacturing by 1.78%, electricity and gas by 10.09%, and water supply by 0.82%.
Looking at the annual changes in the main industrial groups, there were increases of 22.02% in intermediate goods, 30.22% in durable consumer goods, 28.94% in non-durable consumer goods, 24.76% in energy, and 26.61% in capital goods. Monthly changes showed increases of 1.34% in intermediate goods, 1.26% in durable consumer goods, 3.21% in non-durable consumer goods, 6.39% in energy, and 1.11% in capital goods.
CPI price increases and decreases
In August, the highest increase in consumer prices was 36.43% in air passenger transport. This was followed by 16.32% in newspapers and magazines and 8.14% in flour and other cereals. Other increases included 8.11% for bread, 6.36% for cigarettes, 6.32% for cocoa powder, and 5.92% for breakfast cereals.
The product with the largest price decrease was potatoes, at 10.4%. This was followed by children's clothing at 2.86%, kitchen furniture at 2.06%, delicatessen products at 1.97%, and televisions at 1.87%.
Changes in main expenditure groups
In the CPI main expenditure groups, the highest annual increase was 60.91% in the education group, while the lowest increase was 9.49% in the clothing and footwear group. In August, the highest monthly increase was 6.04% in the alcoholic beverages and tobacco group, while the lowest change was a 0.71% decrease in clothing and footwear.
Monthly changes in the three main expenditure groups with the highest weight were 3.02% in food and non-alcoholic beverages, 1.55% in transportation, and 2.66% in housing. In terms of annual changes, food and non-alcoholic beverages increased by 33.28%, transportation by 24.86%, and housing by 53.27%.
Special scope CPI indicators
The CPI indicator excluding unprocessed food products, energy, alcoholic beverages, tobacco, and gold saw a monthly increase of 2.07% and an annual increase of 32.71% in August. The lowest monthly increase was 1.69% in the “CPI excluding energy, food and non-alcoholic beverages, alcoholic beverages, and gold” indicator, while the highest increase was 2.19% in the “CPI excluding seasonal products” indicator. The highest annual increase was 33.83% in the “CPI excluding seasonal products” indicator, while the lowest increase was 32.19% in the “CPI excluding administered and guided prices” indicator.
Rent increase rate determined
Following the announcement of August inflation data, the rent increase rate for homes and workplaces was also finalized. Accordingly, the rent increase rate for September will be 39.62%.
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