TÜİK announces inflation figures for February… Education is the champion of price hikes

Breaking news… The Turkish Statistical Institute (TÜİK) has announced the inflation figures for February. According to TÜİK, the monthly inflation rate in February was 4.53%, while the annual inflation rate rose to 67.07%. According to ENAG data, the Consumer Price Index (CPI) increased by 4.32% in February. The twelve-month increase in CPI stands at 121.98%. Thus, in the monthly data, TÜİK has surpassed ENAG.

The Turkish Statistical Institute (TÜİK), strongly criticized for the unreliability of its data, has released the inflation figures for February.

The change in CPI in February 2024 compared to the previous month was 4.53%, compared to December of the previous year was 11.54%, compared to the same month of the previous year was 67.07%, and compared to the twelve-month averages was 55.91%.

In January, inflation reached its highest level in five months, with a monthly increase of 6.70%, partly due to minimum wage increases and tax adjustments.

While the Central Bank’s year-end inflation forecast was 36%, the two-month (January-February 2024) inflation has already reached 11.54%.

THE HIGHEST INCREASE IS IN RESTAURANTS AND HOTELS

The main group showing the least increase compared to the same month of the previous year was clothing and footwear, with 43.44%. In contrast, the main group with the highest increase compared to the same month of the previous year was restaurants and hotels, with 94.78%.