“Consumer Price Index” increases by 12.15 percent compared to same month last year

Turkish Statistical Institute (TUIK) has released most recent consumer price index (CPI) results. Based on data shared by TUIK an increase of 12.15 percent was recorded in May 2018 as compared to the same month last year. The increase in May as compared to the previous month was calculated as 1.62 percent and 11.10 percent on twelve months moving averages basis.

The highest monthly increase was recorded in the clothing and footwear group with 5.21 percent.

Regarding main spending groups, the increase in transport, food and non-alcoholic beverages and food and non-alcoholic beverages increased by 2.32 percent, 2.06 percent and 1.45 respectively, in May 2018.

On the other hand, the lowest monthly increase was in alcoholic beverages and tobacco with 0.15 percent and the highest annual increase was in transport group with 20.02 percent.

Based on findings shared by TUIK Turkey obviously has a major inflation problem on top of the foreign trade deficit which are shown as main factors for the very swift devaluation of Turkish Lira against U.S. Dollar. The administration to rule the country after the presidential and deputy elections to be held on 24 June 2018 is will certainly have to cope with a giant problem of economic difficulties.