TÜİK has announced inflation figures for October 2023

Turkey’s Statistical Institute (TÜİK) has announced the inflation figures for October. In October, while the Consumer Price Index (CPI) increased by 3.43 percent, it rose by 61.36 percent on an annual basis. According to ENAG (a private group) data, the Consumer Price Index (E-CPI) increased by 5.09 percent in October.

The annual inflation rate was calculated at 126.18 percent. The Consumer Price Index had shown a 4.75 percent increase compared to the previous month in September. The most significant increase was in restaurants and hotels

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

By main expenditure groups, in October 2023, the main group with the least increase compared to the previous month was transportation, with a rate of -0.18 percent. On the other hand, the main group with the highest increase compared to the previous month in October 2023 was clothing and shoes, with a rate of 13.73 percent.

As of October 2023, out of the 143 main items covered in the index, 15 main items showed a decrease in the index, while there was no change in the index for 6 main items. An increase was observed in the index for 122 main items.

The change in the CPI, excluding unprocessed food products, energy, alcoholic beverages and tobacco, and gold, in October 2023, compared to the previous month, was 3.48 percent, compared to December of the previous year, it was 60.05 percent, compared to the same month of the previous year, it was 67.61 percent, and compared to the twelve-month averages, it was 57.65 percent.