Hotels in Turkey become the inflation champions of 2023

The accommodation and food & beverage sector, which is among the sectors most affected by cost increases, became the annual inflation champion in December after the months of June, July, August, September, October, and November.

According to the data from the Turkish Statistical Institute (TÜİK), inflation in December 2023 was 2.93% compared to the previous month, 64.77% compared to the same month of the previous year, and 53.86% on a twelve-month average basis.

In terms of annual increase in 2023, the main group that showed the highest increase was restaurants and hotels with 93.24%, followed by education with 82.06%, health with 79.59%, transportation with 77.14%, food and non-alcoholic beverages with 72.01%, and alcoholic beverages and tobacco with 71.26%.

Among the main expenditure groups, the highest increase in December 2023 compared to the previous month was in entertainment and culture with 5.30%. Following closely were housing with 4.97%, food and non-alcoholic beverages with 4.81%, and health with 4.44%. Restaurants and hotels ranked eighth with an increase of 2.81%.

In restaurants and hotels, prices increased by 2.81% compared to the previous month, 93.24% compared to the same month of the previous year, 93.24% compared to the same month of the previous year, and 81.23% on a twelve-month average basis.

The Inflation Research Group (ENAG) calculated a monthly inflation rate of 4.12% and an annual inflation rate of 127.21% for December.