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Turkish Statistical Institute (TUIK) announced CPI data for August. Accordingly, annual inflation was 80.21 percent.
According to TURKSTAT, CPI increased by 1.46 percent in August compared to the previous month and by 47.85 percent compared to December of the previous year.
According to TUIK data, the main group with the highest increase compared to the same month of the previous year was transportation with 117 percent. The main group that showed the least increase compared to the same month of the previous year was communication with 27 percent.
In August, the main group with the highest increase compared to the previous month was health with an increase of 7 percent; followed by health with 6.5 percent.
Along with the consumer prices data, TURKSTAT also published the Domestic Producer Price Index (D-PPI) data, which reflects producer inflation. Accordingly, in August (D-PPI) annual 143.75%; increased by 2.41% monthly.
Annual changes in the four sectors of the industry; 153.28 percent in mining and quarrying, 125.43 percent in manufacturing, 348.39 percent in electricity and gas production and distribution, and 90.01 percent in water supply.
Annual changes of the main industrial groups according to TURKSTAT; There was an increase of 127.82 percent in intermediate goods, 99.54 percent in durable consumer goods, 124.14 percent in non-durable consumer goods, 303.48 percent in energy and 96.53 percent in capital goods.
ENAG: Annual inflation is 181.37 percent
The Inflation Research Group (ENAG), composed of academics, announced the annual inflation rate as 181.37 percent as of August.
According to ENAG, the Consumer Price Index (CPI) increased by 5.86 percent in August. Since the beginning of 2022, this rate has been 91.62 percent.
Annual inflation is expected to exceed 81 percent, according to a survey by the British news agency Reuters.
Economists expect inflation to fall below 70 percent towards the end of the year.
According to TURKSTAT, CPI increased by 2.37 percent in July and inflation was 79.6 percent on an annual basis.
Annual inflation was recorded as 78 percent in June, the highest in the last 24 years.
With the announcement made in July, this record was broken again.
How did economists interpret the data?
Highlighting the difference between the Istanbul Chamber of Commerce (ITO), TUIK and ENAG results, economists interpreted the data as saying that inflation may decline after peaking in October and the perceived inflation may be higher than 80 percent.
According to Bloomberg, which draws attention to the slowdown in the rate of increase in inflation, high prices may be permanent in the long run.
How did politicians interpret the data?
Treasury and Finance Minister Nureddin Nebati stated that Turkey will continue its fight against inflation and said, “We will witness together that inflation slows down even more in the coming months.”
In his statement on Twitter, Nabati used the following statements:
“The world’s largest economies are struggling with inflation and recession concerns. These countries are concerned that their economies will come to a standstill in the face of the highest inflation rates in the last 40-50 years.
“We continue our fight against inflation without stopping investment and production. We also use our policies to encourage investment and production. Thus, machinery and equipment investments increased by 17.8% in the second quarter of 2022 compared to the same period of the previous year.
“Together, we will witness that inflation accelerates further in the coming months. August inflation data announced today also supports these projections. We will drive high inflation out of these lands, never to return.”
CHP Deputy Chairman Veli Ağbaba drew attention to the gap between TURKSTAT and ENAG data on Twitter and said that food inflation surpassed annual inflation with the following words:
“Turkstat announced annual inflation by trimming it to 80.21 percent. The monthly inflation increase is 1.46. The last electricity and natural gas hikes did not reflect on this inflation. ENAG announced annual inflation of 181 percent, while the difference between ENAG and TurkStat inflation increased to 101 points. There is a three-digit difference. !
“The annual increase in some food products has outstripped the annual inflation of TURKSTAT. According to the results of the TURKSTAT expenditure groups index, in the last year;
The price of potatoes and tuber plants 290%
95% of fats and oils
Eggs increased by 86%
“According to ENAG’s monthly inflation increase of 5.86, the minimum wage of 5,500 TL decreased to 5,195 TL and the lowest pension of 3,500 TL to 3,306 TL in August.”
Future Party Spokesperson Serkan Özcan compared Turkey’s inflation data with G20 countries.
The DEVA Party’s economic policy presidency commented that the TUIK data was “completely disconnected from real life”.
Party Deputy Chairman İbrahim Çanakcı commented on the subject, “In August, annual inflation was 181.3 percent according to ENAG, 99.1 percent according to ITO, and 80.2 percent according to TUIK. Apparently, TURKSTAT; It does not measure the inflation of the people in the bazaar, the market, the market, but the inflation of Beştepe… As DEVA Party, we always say; Inflation is stealing from the pockets of the people. “Showing the inflation figures lower than they really are means nothing more than multiplying this theft, this stealing,” he said.