Whereas the official annual inflation in Turkey exceeded 83 p.c in September 2022, the best worth improve after transportation was in meals. Whereas meals costs have elevated by 92 p.c within the final 1 yr, the annual charge of improve in meals costs in different international locations has been introduced as 4 p.c.
Annual client inflation, introduced by the Turkish Statistical Institute (TUIK), was 83.45 p.c in September. Meals costs rose 92.4 p.c in the identical interval. FAO’s World Meals Value Index rose 3.8 p.c year-on-year over the identical interval.
IT HAS BEEN DROPPING FOR 6 MONTHS IN THE WORLD, IT HAS BEEN RISING FOR 2 YEARS IN TURKEY
In accordance with the information in Euronews; World meals costs have been falling repeatedly for six months. In Turkey, it has been rising repeatedly for two years since September 2020. The distinction between the meals worth indices introduced by FAO and TURKSTAT has become a rising scissor since November 2022, when Turkey switched to the “new financial mannequin”. TUIK information reveals how meals costs began to extend quickly in Turkey after the brand new financial mannequin.
The index methodology clearly reveals the value change. We equalize the meals worth indices introduced by TURKSTAT and FAO to 100 in January 2018. This implies: Meals costs on the earth and in Turkey are equal in January 2018. Turkey and the worldwide worth distinction is usually shut.
January 2019 world meals costs fall to 99, whereas in Turkey it rises to 132. In January 2020, international meals costs elevated to 109 items, whereas Turkey noticed 144 items. In January 2021, the FAO World Meals Value Index is 119 items, whereas Turkstat’s Meals Value Index rises to 170.
In the case of January 2022, the hole between the world and Turkey turns into clearer. Whereas the costs have been equal in January 2018, in January 2022, 140 items on the earth; In Turkey, it will increase to 266 items. As of September 2022, whereas international costs stay at 140, it goes as much as 374 in Turkey.
THE DIFFERENCE STARTS AFTER THE NEW ECONOMIC MODEL
Once we equalize the FAO Meals Value Index and the TUIK Meals Value Index to 100 in September 2021, the value change turns into clearer. This implies: In July 2021, meals costs on the earth and in Turkey are equal and 100 items. Costs are shut to one another in October and November.
Nevertheless, this time, after December 2021, the distinction begins to widen. Whereas meals costs have been 100 on the earth and in Turkey a yr in the past, it would attain 103,8 items on the earth in September 2022; In Turkey, it will increase to 192.4 items.
THE HIGHEST INCREASE IN OECD COUNTRIES IS BY LOOK AT TURKEY
Alternatively, Turkey is by far the nation with the best improve in meals costs in OECD international locations. As of August, the meals and non-alcoholic beverage worth index elevated by 90.3 p.c in Turkey. In the identical interval, costs have been 15 p.c on the OECD common; Within the EU, it rose 14 p.c.
The closest improve to Turkey was in Hungary with 33 p.c. The international locations with the least improve in meals and non-alcoholic beverage costs have been Switzerland with 3 p.c and Israel with 4 p.c.
As of August 2022, annual meals inflation is 16 p.c in Germany, 14 p.c in Sweden, 14 p.c within the USA, 13 p.c in England, Austria and the Netherlands; In France, it was 8 p.c.
FOOD INFLATION IN TURKEY
Annual meals inflation in Turkey between 2019-2021 was round 15-20 p.c.
Nevertheless, as of 2022, it’s round 80-90%.
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