Announced Inflation Figures

The Turkish Statistical Institute (TUIK) announced the inflation figures for June.

According to TURKSTAT, the variation of the consumer price index (CPI) in June 2023 is 3.92 percent compared to the previous month, 19.77 percent compared to December of the previous year, 38.21 percent compared to the same month of the previous year and twelve months of age Compared to the averages, it was 59.95 percent.

Annual food inflation was calculated at 53.92 percent.

June inflation was recorded as the highest monthly inflation in the last five months.

The median forecast for June inflation was 4.84 percent per month, 39.5 percent per year in the Reuters poll, and 3.91 percent per month and 38.30 percent per year in the AA survey.

The Inflation Research Group (ENAG), made up of independent academics, had calculated monthly inflation at 8.54 percent, annual inflation at 108.58 percent, and 6-month inflation at 50.53 percent for June. .

According to TURKSTAT, annual inflation was 39.59 percent and monthly inflation was 0.04 percent in May.

The series of increases in the CPI continued in month 54.

MINIMUM INCREASE IN HOUSES, MAXIMUM RESTAURANTS AND HOTELS

The main group, which showed the smallest increase compared to the same month of the previous year, was housing with 14.76 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 67.22 percent.

Regarding the main spending groups, the main group that presented the smallest increase in June 2023 compared to the previous month was health with 1.21 percent. On the other hand, in June 2023, the main group with the highest increase compared to the previous month was alcoholic beverages and tobacco with 11.13 percent.

As of June 2023, of the top 143 items covered in the index, the top 20 item index decreased, while the top 6 item index was unchanged. There was an increase in the index of 117 major titles.

The variation of the CPI, excluding unprocessed food, energy, alcoholic beverages, tobacco and gold, was 3.45 percent compared to the month before June 2023, 23.64 percent compared to December of the previous year and 46 percent. compared to the same month of the previous year, 63 and 59.18 percent according to twelve-month averages.

TEA

In June, the champion of the rise was “tea and other infused beverages” with an average price increase of 14.93 percent.

“Hotels, hostels and others” ranked second with a monthly increase of 12.27 percent, and cigarettes ranked third with an increase of 12.29 percent.

CRITICAL DATA FOR EMPLOYEES AND PENSIONS

Half-yearly inflation, which is the critical data for civil servants and pensioners, was 19.77 percent.

In addition to the inflation difference calculated on 6-month inflation and the increase rates determined in the contract, the increase rate for civil servants and pensions will be determined.

President Tayyip Erdoğan, in a statement the day before, said: “We are starting the process regarding the increase in the salaries of civil servants. On Wednesday, July 5, our 6-month inflation rates will be clarified. We will honor the promises we made to our civil servants and retirees once inflation rates are clear.” he said.