TUIK announces inflation figures in Turkey for October 2022

According to TURKSTAT, consumer prices increased by 85.51 percent annually in October. ENAG announced that the annual inflation rate was 185.34 percent in same month.

The Turkish Statistical Institute (TURKSTAT) has announced the inflation figures for October. The annual consumer inflation (CPI), which was 83.45 percent in September, rose to 85.51 percent in October. This inflation rate was the new peak of 24 years. The expectation of economists surveyed by Reuters and Bloomberg was that consumer prices would rise by 3.6 percent monthly and 85.6 percent annually.

The Inflation Research Group (ENAG), formed by independent academics, calculated the monthly inflation rate of 7.18 percent in October and the annual inflation rate of 185.34 percent.

The change in the CPI was 3.54 percent in October 2022 compared to the previous month, 57.80 percent compared to December of the previous year, 85.51 percent compared to the same month of the previous year and 65.26 percent compared to the twelve-month averages.