October inflation figures announced

The Turkish Statistical Institute (TUIK) announced consumer inflation for October.

The variation of the consumer price index (CPI) in October 2023 is 3.43 percent compared to the previous month, 55.00 percent compared to December of the previous year, 61.36 percent compared to the same month of the previous year and 54 percent compared to The twelve monthly averages were 26.

The series of CPI increases moved to month 58.

In September, TÜİK announced monthly inflation of 4.75 and annual inflation of 61.53 percent.

The average inflation expectation of economists who participated in the AA Finance survey was 4.08 percent monthly and 62.36 percent annually.

THE GREATEST INCREASE IS FOUND IN RESTAURANTS AND HOTELS

The main group that showed the smallest increase compared to the same month of the previous year was housing with 25.98 percent. On the other hand, the main group with the greatest increase compared to the same month of the previous year was restaurants and hotels with 94.12 percent.

Among the main spending groups, the main group that showed the smallest increase in October 2023 compared to the previous month was transportation with -0.18 percent. On the other hand, the main group with the greatest increase in October 2023 compared to the previous month was clothing and footwear with 13.73 percent.

Among the 143 core items covered in the index, as of October 2023, there was a decrease in the index of 15 core items, while the index of 6 core items remained unchanged. There was an increase in the index of 122 basic items.

The variation of the CPI, excluding unprocessed food products, energy, alcoholic beverages and tobacco and gold, was 3.48 percent in October 2023 compared to the previous month, 60.05 percent compared to December of the previous year and 67 percent compared to the same month of the previous year, being 57.65 percent according to .61 and twelve-month averages.

ZAM CHAMPION CHILDREN’S CLOTHING OCTOBER

The basic item whose prices increased the most in October compared to the previous month was children’s clothing, with 22.40 percent.

Rail and intercity passenger transportation was the second major category with the largest price increase, with an average increase of 17.73 percent, while women’s footwear ranked third with an increase of 16.84 percent.

Eggs and their derivatives also ranked fourth, with an average increase of 10.78 percent.

TurkStat censors individual prices of products and services in the shopping cart, despite court orders.

ENAG CALCULATED 126 PERCENT

The Inflation Research Group (ENAG), made up of independent academics, estimated consumer inflation in October at 5.09 percent monthly and 126.18 percent annually.

The Central Bank (CBRT) expects official consumer inflation to reach 65 percent by the end of 2023 and 75 percent in May 2024.