TÜİK announces October inflation data

The change in the Consumer Price Index (CPI) in October 2023 was 3.43 percent compared to the previous month, 55.00 percent compared to December of the previous year, 61.36 percent compared to the same month of the previous year, and 54.26 percent based on twelve-month averages.

TÜİK had announced monthly inflation as 4.75 percent and annual inflation as 61.53 percent in September.

The average inflation expectation of economists participating in the AA Finance survey was 4.08 percent monthly and 62.36 percent annually.

HIGHEST INCREASE IN RESTAURANTS AND HOTELS

Compared to the same month of the previous year, the main group that showed the lowest increase was housing at 25.98 percent. Conversely, the main group with the highest increase compared to the same month of the previous year was restaurants and hotels at 94.12 percent.

Regarding main expenditure groups, the main group that showed the lowest increase in October 2023 compared to the previous month was transportation at -0.18 percent. Conversely, the main group with the highest increase in October 2023 compared to the previous month was clothing and footwear at 13.73 percent.

The Central Bank (TCMB) expects official consumer inflation to reach 65 percent by the end of 2023 and 75 percent in May 2024.

ENAG ANNOUNCES: 10-MONTH INFLATION IN TRIPLE DIGITS

According to the Inflation Research Group (ENAG), 12-month inflation was announced at 126.18 percent. According to ENAG, inflation increased by 5.09 percent monthly in October, while the ten-month increase rate was 105.48 percent.

LIMITED DECLINE IN ISTANBUL INFLATION

The Istanbul Chamber of Commerce (İTO) published Istanbul's inflation data on November 1. Accordingly, retail prices in Istanbul increased by 3.69 percent in October compared to the previous month; annual inflation was calculated at 72.73 percent. Istanbul's September inflation was 73.18 percent on an annual basis and 5.46 percent on a monthly basis. The data showed that inflation in retail prices continues to show a trend of slowing down, albeit limited.

News Source: 12punto