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The Turkish Statistical Institute (TUIK) has announced CPI data for August. As a result, annual inflation was 80.21%.
According to TURKSTAT, CPI rose 1.46% in August compared to the previous month and 47.85% compared to December of the previous year.
According to TUIK data, the main group with the highest increase compared to the same month of the previous year was transport with 117%. The main group that showed the smallest increase compared to the same month of the previous year was that of communications with 27 per cent.
In August, the main group with the highest increase compared to the previous month was the healthcare group, with an increase of 7 per cent; followed by health with 6.5 per cent.
Along with consumer price data, TURKSTAT has also released Domestic Producer Price Index (D-PPI) data, which reflects producer inflation. As a result, in August (D-PPI) 143.75% per annum; increased by 2.41% monthly.
Annual changes in the four sectors of industry; 153.28 percent in mines and quarries, 125.43 percent in production, 348.39 percent in electricity and gas production and distribution, and 90.01 percent in water supply.
Annual changes of the main industrial groups according to TURKSTAT; There was an increase of 127.82% in intermediate goods, 99.54% in durable consumer goods, 124.14% in non-durable consumer goods, 303.48% in energy and 96.53 % in capital goods.
ENAG: Annual inflation is 181.37 percent
The Inflation Research Group (ENAG), made up of academics, announced the annual inflation rate of 181.37% in August.
According to ENAG, the consumer price index (CPI) rose 5.86 percent in August. Since the beginning of 2022, this rate has been 91.62%.
Annual inflation is expected to exceed 81%, according to a poll by the British news agency Reuters.
Economists expect inflation to drop below 70 percent towards the end of the year.
According to TURKSTAT, CPI rose 2.37% in July and inflation was 79.6% year-on-year.
Annual inflation was recorded in June at 78%, the highest in the last 24 years.
With the announcement made in July, this record was once again broken.
How did economists interpret the data?
Highlighting the difference between the results of the Istanbul Chamber of Commerce (ITO), TUIK and ENAG, economists interpreted the data as saying that inflation could decline after the October peak and perceived inflation could be higher than the 80%.
According to Bloomberg, which calls attention to the slowing rate of increase in inflation, the high prices could be permanent in the long run.
How did the politicians interpret the data?
Treasury and Finance Minister Nureddin Nebati said Turkey would continue its fight against inflation and said: “We will be witnesses together that inflation will slow down even more in the coming months”.
In his Twitter statement, Nabati used the following statements:
“The world’s largest economies are struggling with inflation and recession concerns. These countries fear that their economies will stall in the face of the highest inflation rates of the past 40-50 years.
“We continue our fight against inflation without stopping investment and production. We also use our policies to encourage investment and production. Therefore, investments in machinery and equipment increased by 17.8% in the second quarter of 2022. compared to the same period of the previous year.
“Together, we will see further acceleration in inflation in the coming months. The August inflation data announced today also supports these projections. We will drive high inflation out of these countries, never to return.”
CHP Vice President Veli Ağbaba drew attention to the gap between the TURKSTAT and ENAG data on Twitter and said that food inflation has outpaced annual inflation with the following words:
“Turkstat has announced annual inflation by reducing it to 80.21 percent. The monthly increase in inflation is 1.46. The latest increases in electricity and natural gas have not reflected this inflation. ENAG has announced inflation. annual by 181 percent, while the difference between ENAG and TurkStat has increased to 101 points There is a three-digit difference.
“The annual increase of some food products has exceeded the annual inflation of TURKSTAT. According to the results of the TURKSTAT spending groups index, in the last year;
The price of potatoes and tuber plants 290%
95% fat and oils
Eggs increased by 86%
“According to ENAG’s monthly inflation increase of 5.86, the minimum wage of TL 5,500 fell to TL 5,195 and the lowest pension of TL 3,500 to TL 3,306 in August.”
Future party spokesman Serkan Özcan compared Turkey’s inflation figures with G20 countries.
The economic policy presidency of the DEVA party commented that TUIK data was “completely disconnected from real life”.
Party Vice President İbrahim Çanakcı commented on the topic: “In August, annual inflation was 181.3% according to ENAG, 99.1% according to ITO and 80.2% according to TUIK. Apparently, TURKSTAT; It does not measure l inflation of people at the bazaar, at the market, at the market, but the inflation of Beştepe … As DEVA Party, we always say; Inflation is stealing from people’s pockets. “Show inflation figures below those in reality means nothing more than multiplying this theft, this theft, “he said.
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