Turkish non-domestic producer price index hits record high in August

This is the highest annual increase in ND-PPI since records began in 2010.

The monthly increase in ND-PPI in August was 1.95%. The highest annual increases in ND-PPI by subdivisions of industry were observed in computer, electronic, and optical products (82.84%), machinery and equipment n.e.c. (79.98%), and tobacco products (75.89%).

The lowest annual increases in ND-PPI were observed in printing and recording services (40.01%), basic metals (41.45%), and coke and refined petroleum products (44.19%).

The ND-PPI measures the prices of goods produced in Türkiye for sale outside of the country. It is a key indicator of inflation and the competitiveness of Turkish exports.

What does this mean for businesses and consumers?

The high rate of inflation in Türkiye is putting pressure on businesses and consumers alike. Businesses are facing higher costs for inputs, such as raw materials and energy. This is leading to higher prices for consumers.

The high rate of inflation is also making it difficult for businesses to plan for the future and to invest in growth. Consumers are also finding it difficult to save money and to make ends meet.

The Turkish government is taking steps to address the high rate of inflation. These steps include raising interest rates and reducing government spending. However, it is likely to take some time for these measures to have an impact.

In the meantime, businesses and consumers will need to adapt to the high rate of inflation. Businesses may need to find ways to reduce their costs and to become more efficient. Consumers may need to cut back on spending and to find ways to save money. (ILKHA)