Announced Inflation Figures

The Turkish Statistical Institute (TUIK) announced the consumer inflation data for March.

The variation in consumer prices (CPI) in March 2023 is 2.29 percent compared to the previous month, 12.52 percent compared to December of the previous year, 50.51 percent compared to the same month of the previous year and 70.20 percent according to twelve-month averages took place as

Thus, the monthly series of increases in the consumer price index continued in month 51.

According to TURKSTAT, consumer inflation was 3.15 percent monthly and 55.18 percent annually in February.

In the Reuters poll, economists had expected monthly inflation to come in at 2.9 percent in March, with annual inflation falling to 51.3 percent.

In the Anadolu Agency survey, the monthly inflation expectation for March was 2.86 percent and the annual inflation expectation was 51.35 percent.

Turkstat’s results were below market expectations.

The Istanbul Chamber of Commerce announced that the Istanbul Livelihood Wage Index increased by 3.83 percent in March compared to the previous month and 78.62 percent compared to the same period of the previous year.

HIGHER INCREASE IN RESTAURANTS AND HOTELS

The main group that presented the smallest increase in March compared to the same month of the previous year was clothing and footwear with 17.27 percent. For its part, the main group with the greatest increase compared to the same month of the previous year was restaurants and hotels with 70.73 percent.

Regarding the main spending groups, the main group that presented the smallest increase in March 2023 compared to the previous month was clothing and footwear with -1.92 percent. On the other hand, in March 2023, the main group with the highest increase compared to the previous month was education with 6.30 percent.

In March 2023, although the Top 24 Index of the Top 143 stocks included in the Index decreased, there was no change in the Top 8 Index. There was an increase in the index of 111 basic titles.

The variation of the CPI without unprocessed food, energy, alcoholic beverages, tobacco and gold is 2.19 percent compared to the month prior to March 2023, 12.27 percent compared to December of the previous year, 52 percent compared to the same month of the previous year, it was 63.72 percent according to the averages of 11 and twelve months.

MAKE A HIGH CHAMPION IN MARCH

According to TURKSTAT, the main item with the highest price increase in March compared to the previous month was beef with 19.9 percent.

With an increase rate of 15.16 percent, “delicatessen and other meat varieties” ranked second, and with an increase of 11.16 percent, “eggs and egg-related products” ranked third.

TURKSTAT stopped publishing data on individual prices and price increases for goods and services in the inflation basket last year, and this move sparked public criticism.

INFLATION ACCORDING TO ENAG 112.51 PERCENT

According to the Inflation Research Group (ENAG), made up of independent academics, consumer prices increased 5.08 percent monthly and 112.51 percent annually in March.