Turkish Statistical Institute publishes new data on inflation rate

According to the Turkish Statistical Institute, the annualized inflation rate is 19.58 percent. The exchange rate of the lira against the euro is 0.097 euros.

According to Turkey's Statistical Institute (TUIK), annual inflation stands at 19.58 percent. Monthly, the lira is currently depreciating by 1.25 percent. Consumer prices are rising rapidly. Compared to the same month last year, the increase is 13.04 percent; calculated over the past 12 months, the increase is as high as 16.42 percent. TUIK’s figures are highly controversial; time and again, the state agency is accused of presenting economic data too positively in order to hide the crisis. Real inflation may therefore be much higher. The rate of the lira against the euro is also an expression of the crisis of the system in Turkey, it is at 0.097 euros for a lira.

28.79 percent price increase for basic foodstuffs

The lowest annual price increase was recorded by the group of alcoholic beverages and tobacco with 1.8 percent, and among the prices with the smallest increases compared to the same month of the previous year is communication with an increase of 4.99 percent. Clothing and footwear are at 7.32 percent and entertainment and culture at 12.45 percent. On the other hand, the main groups with a high increase compared to the same month last year are food and soft drinks with 28.79 percent, household goods with 23.27 percent, and restaurants and hotels with 23.27 percent.

Producer price up 44 percent

The domestic producer price index (PPI) increased by 1.55 percent in September 2021 compared to the previous month and by 30.50 percent compared to December of the previous year. The year-on-year increase is as high as 43.96 percent and 33.83 percent in terms of the 12-month average. The annual price increases in the four industrial sectors are as follows: 28.39 percent in mining and quarrying; 43.68 percent in manufacturing; 50.10 percent in electricity, gas and distribution; and 30.15 percent in water supply.

The unchecked rise in prices in Turkey and northern Kurdistan is creating insurmountable obstacles for the population, and many people are slipping below the hunger line and into homelessness.