Announced Inflation Figures

The Turkish Statistical Institute (TUIK) announced the inflation data for February. The variation of the CPI (2003=100) in February 2023 is 3.15 percent with respect to the previous month, 10.00 percent with respect to December of the previous year, 55.18 percent with respect to the same month of the previous year and according to averages of twelve months They were 71.83.

In February, monthly inflation was expected to reach 3.5 percent according to the AA survey and 3.4 percent according to the Reuters survey.

TurkStat announced monthly inflation of 6.65 percent and annual inflation of 57.68 percent in January.

On a monthly basis, the consumer price index increased for the fiftieth consecutive month with February.

Food inflation was 69.33 percent in February.

RESTAURANTS AND HOTELS FIRST IN PRICE INCREASE

The main group that presented the smallest increase in February compared to the same month of the previous year was clothing and footwear with 21.69 percent. For its part, the main group with the highest increase compared to the same month of the previous year was restaurants and hotels with 74.34 percent.

Regarding the main spending groups, the main group that presented the smallest increase in February 2023 compared to the previous month was clothing and footwear with -1.76 percent. On the other hand, the main group with the highest increase compared to the previous month of February 2023 was food and non-alcoholic beverages with 7.36 percent.

In February 2023, of the top 143 items covered in the index, the top 23 item index decreased, while the top 3 item index remained unchanged. There was an increase in the index of 117 major titles.

The variation of the CPI without unprocessed food, energy, alcoholic beverages, tobacco and gold is 2.62 percent compared to the previous month of February 2023, 9.87 percent compared to December of the previous year, 55 percent compared to the same month of the previous year, it was 64.10 percent according to averages of 16 and 12 months.

FIELD PRICES MAY NOT BE CHARGED IN THE EARTHQUAKE REGION

The earthquakes in Kahramanmaraş, which occurred on February 6 and caused extensive destruction in 11 provinces, also affected TUIK’s data collection.

In the statement made by TURKSTAT, “Due to the earthquake disaster experienced by our country, ‘area (field) prices’ could not be compiled in the provinces affiliated with our Regional Directorates of Gaziantep, Malatya and Hatay in February 2023. By On the other hand, the use of ‘workplace barcode scanning data’ and data scraping method and ‘price data collected from the Internet’ continued in the provinces affiliated with these three Regional Directorates.

HIGH VEGETABLE CHAMPION

The biggest rise in prices in February compared to the previous month was in vegetables (without potatoes and some tubers) with 24.56 percent.

In February, vegetables were followed by wine with a price increase of 14.47 percent and fruit with a price increase of 10.47 percent.

INFLATION ACCORDING TO ENAG 126.91 PERCENT

The Inflation Research Group (ENAG), made up of independent academics, calculated monthly inflation of 7.21 percent and annual inflation of 126.91 percent in February.

On the other hand, TÜİK filed a lawsuit against ENAG for the second time.