TURKSTAT updated the inflation basket products and their weightings
The Turkish Statistical Institute (TUIK) announced that the consumer inflation basket (CPI) weights and product definitions have been updated.
TURKSTAT updated the data used in the CPI calculation for 2023 and changed the weights of some items in the inflation basket.
While item and weight updates are announced again in January of each year, the weights will continue as announced through 2023.
In the calculations to be carried out in 2023, approximately 564,710 prices will be collected monthly for 404 items and 895 types of items from 27,411 workplaces and 5,246 residences (rentals).
EXPENDITURE GROUPS WITH VARIATION OF WEIGHT
Thus, the weight of food and non-alcoholic beverages increased from 25.32 percent to 25.43 percent. The weight of housing went from 14.12 percent to 16.31 percent. Health weight increased from 3.24 percent to 6 Health 3.53 percent.
The weight of restaurants and hotels increased from 7.11 to 7.81 percent. The weight of education increased from 1% to 2%. The weight of transport was reduced from 16.80 percent to 15 percent. The weight of the spending groups on alcoholic beverages and tobacco, household items, communication, clothing and footwear was reduced.
INGREDIENTS INSIDE AND OUT OF THE BENFLATION BASKET
The only item that entered the CPI basket in 2023 were women’s socks (combed cotton).
Cocoa powder drink, cotton cloth, children’s T-shirts, plastic kitchen utensils, hospital bed fee and other cultural activities were removed from the basket.
NUMBER OF HOMES FOR RENT INCREASES IN PRICE
On the other hand, the increase in the number of dwellings in which rental inflation was collected by the disputed TURKSTAT also drew attention. TURKSTAT has increased the number of residences for which information has been collected, from 4,276 over the past 6 years, to 5,246 this year.
In the TURKSTAT statement, it indicated that the houses it monitors are referential, that if there is a change of tenants in these houses, the new rental price is evaluated, and if the tenant does not change, the rent written in the contract is increased. is the determining factor.
Last year, the rates announced by TURKSTAT regarding the increase in rents provoked a public reaction. According to TUIK data, rental housing prices increased by 46.5 percent in 2022. According to data collected from the rental house advertisements of the Bahçeşehir University Center for Economic and Social Research (BETAM ), the annual rate of rental price increase in 2022 was 172.9 percent.