TUIK announces inflation for June as 1.64% showing 6-month inflation difference 24.73%

Millions of civil servants and pensioners in Turkey have been eagerly awaiting the salary increase that will be applied in July. The Turkish Statistical Institute (TÜİK) has announced the inflation data for June. Six-month inflation difference was calculated by TUIK as 24.73 percent.

SIX-MONTH DIFFERENCE ANNOUNCED

Thus, the six-month inflation difference for civil servants, pensioners, workers, and Bağ-Kur pensioners has been finalized. Workers and Bağ-Kur pensioners will receive the full six-month inflation difference as an increase.

HOW WILL THE COLLECTIVE AGREEMENT DIFFERENCE REFLECT?

According to the collective agreement, civil servants and pensioners will receive a 10% increase plus an additional increase based on the portion of inflation that exceeds 15%.

In January, inflation was 6.70%, 4.53% in February, and 3.16% in March. In April, the figure was 3.18%, while in May, it was 3.37%. TÜİK announced June’s inflation as 1.64%. The six-month inflation difference was calculated to be 24.73%.

Thus, civil servants and civil servant pensioners will receive a 19.31% increase. Workers and Bağ-Kur pensioners will receive the full six-month difference of 24.73% as an increase in their monthly salaries.

WHAT DID THE ECONOMISTS EXPECT?

Economists who participated in AA Finance’s expectation survey had predicted June’s inflation to be 2.28%.