TURKSTAT (TUIK) announces inflation figures for August 2022

According to TURKSTAT, consumer inflation rose to 80.21 percent in August. Private group ENAG had calculated the inflation rate to be 181.37 percent.

The Turkish Statistical Institute (TURKSTAT) has announced the inflation figures for August. Accordingly, the consumer price index (CPI) increased by 80.21 percent year-on-year and by 1.46 percent month-on-month. Following an increase in 15 months in a row, a new peak of 24 years was seen in consumer inflation.

The change in CPI (consumer price index) was 1.46 percent in August 2022 compared to the previous month, 47.85 percent compared to December of the previous year, 80.21 percent compared to the same month of the previous year and 54.69 percent compared to the twelve-month averages.

In a Reuters poll, the CPI was expected to rise 2 percent month-on-month and 81.22 percent year-on-year. The TURKSTAT calculation was below market expectations.

ENAG’S INFLATION FIGURE: 181 PERCENT

The Inflation Research Group (ENAGrup), formed by independent academics, calculated that there was a monthly increase of 5.86 percent in consumer prices and an annual increase of 181.37 percent.

ENAG’s inflation calculation was 100 points higher than TURKSTAT’s calculation.

INFLATION ACCORDING TO ITO: 100 PERCENT

According to the Istanbul Chamber of Commerce (ITO) data, the Istanbul Wage Earners’ Cost of Living Index, which is an indicator of retail price movements in Istanbul, increased by 2.29 percent monthly and 99.91 percent annually in August.

The difference between TURKSTAT inflation and ITO inflation was also close to 20 points. Dec.