Inflation Figures Revealed

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Inflation Figures Revealed

Inflation figures have been released. The Consumer Price Index (CPI) increased by 2.88% on a monthly basis, while annual CPI declined to 48.58%. Annual inflation has reached its lowest level in 15 months.

The Turkish Statistical Institute (TÜİK) shared the inflation data for October 2024 with the public. According to the data, the Consumer Price Index (CPI) showed an increase of 48.58% on an annual basis and 2.88% on a monthly basis.

This change in CPI for October 2024 was 2.88% compared to the previous month, while it was 39.77% compared to December 2023 and 48.58% compared to October 2023. The increase rate based on twelve-month averages reached 62.02%.

Transport showed the least increase among major expenditure groups, with a rise of 26.14% compared to the same month of the previous year. In contrast, education attracted attention with the highest increase rate of 93.66%.

Interestingly, transport was the group that saw the most significant decline compared to the previous month in October 2024, with a decrease of 0.54%. During the same period, spending on clothing and footwear experienced the highest increase at 14.32%.

According to TÜİK's Classification of Individual Consumption by Purpose (COICOP 5-level), out of 143 main items, a decrease was observed in 26 items, while there was no change in 7 items, and an increase was noted in 110 items.

This situation indicates that many price increases continue in the markets, signaling a broad rise in consumer spending.

The core CPI indicator also increased. When considering core items excluding unprocessed food, energy, alcoholic beverages, tobacco, and gold, the CPI change for October 2024 was 2.69% compared to the previous month, 40.12% compared to December 2023, and 47.10% compared to October 2023. The increase rate based on twelve-month averages was recorded at 62.65%.

Significant increases continue to be observed in these specific calculations, showcasing high inflation rates, especially even when excluding items like unprocessed food and energy.