Producer Inflation Drops to Lowest Level Since 2021

The Turkish Statistical Institute (TÜİK) has shared the producer inflation figures for October 2024 with the public. According to the announced data, the domestic producer price index (YI-ÜFE) increased by 32.24% year-on-year, while it recorded a monthly increase of 1.29%. It was reported that YI-ÜFE has increased by 27.17% since the beginning of the year compared to December, with the annual average increase rate being 43.93%.

The highest annual increase was in water supply. The annual change rates in the four main sectors of industry were also announced. Accordingly, mining and quarrying increased by 40.11%, while the manufacturing sector's rate was determined to be 32.85%. There was a 20.47% increase in electricity, gas production, and distribution, while the highest annual increase of 43.19% was recorded in water supply. In the main industrial groups, the increase in intermediate goods was reported at 31.79%, in durable consumer goods at 39.17%, in non-durable consumer goods at 41.48%, and in the energy sector at 14.54%. Meanwhile, a notable increase of 33.84% was observed in capital goods.

Manufactured products stood out on a monthly basis. When looking at monthly changes, the 1.61% increase in manufactured products stands out among the four sectors of industry. During the same period, mining and quarrying recorded a 0.85% increase, while electricity, gas production, and distribution experienced a decrease of 1.56%. Water supply saw an increase of 1.55%. Considering the main industrial groups, the increase in intermediate goods was 1.52%, while durable consumer goods increased by 2.82%. The increase in non-durable consumer goods was notable at 1.90%, while a decrease of 0.56% was recorded in the energy sector. In capital goods, there was a 0.67% increase.