The government-run Turkish Statistical Institute (TÜİK) on Sept. 4 reported that the consumer price index (CPI) realized as 58.94% annually and 9.09% monthly in August.
Consumer Price Index, August 2023
Consumer price index (CPI) realized as 58.94% annually and 9.09% monthly
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— turkstat (@TurkStat) September 4, 2023
According to unofficial data from Turkey’s Inflation Research Group (ENAG), an independent institution set up in 2020 to track the country’s inflation, Turkey’s annual consumer price inflation rate was 128.05% in August, far higher than official claims.
However, ENAG said prices in Turkey increased by 8.59% month-on-month in August, lower than the TÜİK’s figure.
ENAGrup Consumer Price Index (E-CPI) increased by 8.59% in August 2023.
E-CPI increased by 128.05% in the last 12 months
— ENAG (@ENAGRUP) September 4, 2023
Before the new economic administration took over the management in the country after Recep Tayyip Erdoğan’s election win, the TÜİK was reporting the inflation figures far lower than ENAG.
Annually, the hotels and restaurants category led the price rises with 89.31% in the official figure, followed by the health category, which rose 77.55%, and by the food category, which rose 72.86%.
Moreover, the transportation category led the price rises with 16.61% month-on-month, followed by furnishing and household equipment category, which rose 9.36%.
On the other hand, the domestic producer price index was up 5.89% month-on-month in August for an annual rise of 49.41%, the TÜİK said.
Commenting on the figures, Treasury and Finance Minister Mehmet Şimşek said in a tweet that “We know that the fight against inflation will take some time. We are in the transition period. We will do whatever is necessary to control inflation and then lower it. In the end, it will be worth our patience. We are absolutely determined to fight inflation.”
We know that the fight against inflation will take some time. We are in the transition period. We will do whatever is necessary (monetary tightening, credit policy and incomes policies) to control inflation and then lower it. In the end, it will be worth our patience.
In the fight against inflation… https://t.co/aag0TfjihE
— Mehmet Simsek (@memetsimsek) September 4, 2023