TUIK announces inflation figures for December 2023

Turkey’s inflation figures for December 2023 have been announced. According to the Turkish Statistical Institute (TÜİK), the monthly inflation rate for December was 2.93%, and the annual inflation rate was 64.77%. However, the National Inflation Research Group (ENAG) calculated a higher monthly inflation rate of 4.12% and an annual inflation rate of 127.21% for the same period.

TÜİK revealed the December inflation data for 2023, stating that the Consumer Price Index (CPI) increased by 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.

Among the main expenditure groups, housing showed the least increase with 40.39%, while restaurants and hotels experienced the highest increase with 93.24% compared to the same month of the previous year.

The annual inflation rate for food was 72.01%.

In December 2023, the main expenditure group with the least increase compared to the previous month was clothing and footwear, showing a decrease of -1.33%. On the other hand, the group with the highest increase compared to the previous month was entertainment and culture, with a rate of 5.30%.

Out of the 143 main items covered in the index, 20 experienced a decrease, 11 remained unchanged, and 112 showed an increase in December 2023.

The change in the Consumer Price Index (CPI), excluding unprocessed food products, energy, alcoholic beverages and tobacco, and gold, was 2.39% compared to the previous month, 68.02% compared to the same month of the previous year, and 58.58% on a twelve-month average basis.

In November, TÜİK had reported a monthly inflation rate of 3.28% and an annual inflation rate of 61.98%.