Economists evaluate inflation figures announced by TÜİK: 'It may force the Central Bank to raise interest rates'

The Turkish Statistical Institute (TÜİK), which causes controversy in the public eye with the data it announces, has released its inflation data for January.

According to TÜİK data, the Consumer Price Index (CPI) increased by 64.86 percent annually and 6.70 percent monthly.

Economists evaluated the inflation data announced by TÜİK.

Murat Sağman:

TÜİK announced January 2024 inflation as 6.70% monthly and 64.86% annually. The independent research group ENAG announced the CPI for January 2024 as a 9.38% monthly increase and a 129.11% increase over the last 12 months. The same country, the same consumer, the same service and goods prices. #cpi #inflation

Şenol Babuşcu:

For 1 year, the most important task of the Government, the economic management, and the Central Bank was to lower inflation. 

January 2023 inflation was 6.65%,

January 2024 inflation is 6.70%. 

A magnificent success…

İris Cibre:

TÜİK Monthly 6.70%, Annual 64.86%

ITO Monthly 6.72%, Annual 76.17%

ENAG Monthly 9.38%, Annual 129.11%

In this case, while the May peak remains at 73% within the Central Bank's outlook, if further tightening is not implemented, we will be left with inflation at the 49% level by the end of the year, which is above expectations.

Those who are late, who only hope for foreign currency and do not understand that things cannot be run with monetary policy alone, have now condemned us to high interest rates, high exchange rates, and high inflation...

"I know everything"

You cannot know, my friend, you cannot know everything

Burcu Aydın Özüdoğru:

The occurrence of new expenditure increases before the election further worsens the inflation outlook. 

High inflation is the biggest barrier to the transition to TL and on the exchange rate. 

The trend may force the Central Bank to raise interest rates again.