The highest annual increase was seen in the hotels, cafes and restaurants group, with prices rising 89.31%. The lowest annual increase was seen in the housing group, with prices rising 24.97%.

The highest monthly increase was seen in the transportation group, with prices rising 16.61%. The lowest monthly increase was seen in the education group, with prices rising 3.11%.

The CPI excluding unprocessed food, energy, alcoholic beverages, tobacco and gold rose 63.52% year-on-year and 9.32% month-on-month in August 2023.

TurkStat said that the main factors behind the increase in the CPI were the rise in energy prices, the depreciation of the Turkish lira and the increase in prices of food and non-alcoholic beverages.

The high inflation rate is a major concern for the Turkish government, which has been taking steps to try to curb it. These measures include raising interest rates and imposing controls on foreign exchange.

However, it remains to be seen whether these measures will be successful in bringing down the inflation rate. (ILKHA)