Economy in Turkey: TÜİK Releases Inflation Data for March
According to the Turkish Statistical Institute (TÜİK), inflation in March reached 3.16 percent on a monthly basis, while the annual rate surged to 68.50 percent. However, the Inflation Research Group (ENAG) calculated inflation at 5.68 percent monthly and 124.63 percent annually. The Central Bank of the Republic of Turkey’s year-end inflation forecast stands at 36 percent.
The Turkish Statistical Institute (TÜİK), which has been strongly criticized for its unrealistic data, released the inflation figures for March.
According to TÜİK, inflation in March was 3.16 percent compared to the previous month, 15.06 percent compared to December of the previous year, 68.50 percent compared to the same month of the previous year, and 57.50 percent compared to the twelve-month average.
The data showed that inflation was 15 percent in the first three months of the year. The Central Bank of the Republic of Turkey’s year-end inflation forecast is 36 percent.
LARGEST INCREASE IN EDUCATION
The main group with the least increase compared to the same month of the previous year was clothing and footwear with 50.10 percent. On the other hand, the main group with the highest increase compared to the same month of the previous year was education with 104.07 percent.
By major spending groups, in March 2024, the main group with the highest increase compared to the previous month was education with 13.08 percent, while the main group with the largest decrease was alcoholic beverages and tobacco with -0.02 percent.
Out of the 143 main items covered by the index, as of March 2024, 14 main items saw a decrease in the index, 8 main items remained unchanged, and 121 main items saw an increase.
The change in the Consumer Price Index (CPI) excluding unprocessed food products, energy, alcoholic beverages and tobacco, and gold was 3.14 percent compared to the previous month, 14.86 percent compared to December of the previous year, 71.89 percent compared to the same month of the previous year, and 62.61 percent compared to the twelve-month average.
ENAG: Annual 124
According to the data from the Inflation Research Group (ENAG), formed independently by academics and economists, the Consumer Price Index (E-TÜFE) increased by 5.68 percent in March. The 12-month increase in E-TÜFE was 124.63 percent.
