The CPI measures the change in prices of a basket of goods and services purchased by households. The annual increase in the CPI is the highest since September 1998.
The main drivers of inflation in Turkey are rising energy prices and the depreciation of the Turkish lira.
In June 2023, the CPI for housing increased by 14.76%, while the CPI for hotels, cafes, and restaurants increased by 67.22%.
The CPI indicator with specified coverage (B), which excludes unprocessed food, energy, alcoholic beverages, tobacco, and gold, increased by 46.63% year-on-year and 3.45% month-on-month.
TurkStat said that out of 143 basic headings in the index, the indices of 20 basic headings decreased, 6 remained unchanged, and 117 showed an increase.
The high inflation rate is putting a strain on household budgets and is likely to weigh on economic growth.
The Turkish government has taken some measures to try to control inflation, such as raising interest rates and imposing restrictions on foreign exchange transactions.
However, it remains to be seen whether these measures will be enough to bring inflation under control. (ILKHA)
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