Turkey’s yearly inflation rate in Turkey rises above expectations
(MENAFN) Türkiye’s annual inflation climbed to 33.29% in September, up from 32.95% in August, surpassing expectations of around 32.5%, according to official statistics.
The largest year-on-year price increases were recorded in education at 66.1%, housing at 51.36%, and food and non-alcoholic beverages at 36.06%. In contrast, the smallest rises occurred in clothing and footwear at 9.8%, communications at 23.2%, and alcoholic beverages and tobacco at 24.49%.
Among the major expenditure categories, food and non-alcoholic beverages, transportation, and housing carried the highest weight in the inflation calculation. Food and non-alcoholic beverages increased 36.06%, transportation rose 25.3%, and housing climbed 51.36%. “The contributions of these main groups to the annual change were 8.60% for food and non-alcoholic beverages, 4.15% for transportation and 7.85% for housing,” the report stated.
On a monthly basis, inflation reached 3.23% in September, rising from 2.04% in August and exceeding the market forecast of 2.6%. This marked the end of a 15-month period of falling annual inflation.
Evaluating the data, Türkiye’s Finance Minister Mehmet Simsek said food prices were a major factor behind the high monthly inflation in September. “Food inflation, driven by agricultural frost and drought, was 3 percentage points above the long-term September average and contributed 1.1 percentage points to monthly inflation,” Simsek wrote on social media. He also noted that education and related expenses added roughly 0.7 percentage points to monthly inflation as the new school year began.
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