Whereas the official annual inflation in Turkey exceeded 83 % in September 2022, the best worth improve after transportation was in meals. Meals costs have elevated by 92 % within the final 1 yr. The International Meals Value Index, introduced by the Meals and Agriculture Group of the United Nations (FAO), has been falling for six months.
The annual charge of improve in international meals costs was 4. As of August, annual meals inflation within the European Union was 14 %, whereas the typical of the Group for Financial Cooperation and Growth (OECD) was 15 %.
So, which international locations have the best meals inflation? How is meals inflation on this planet and in Europe?
Annual client inflation, introduced by the Turkish Statistical Institute (TUIK), was 83.45 % in September. Meals costs rose 92.4 % in the identical interval. FAO’s International Meals Value Index rose 3.8 % year-on-year over the identical interval.
It has been falling for six months on this planet, it has been rising for two years in Turkey
International 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 became a rising scissor since November 2022, when Turkey switched to the “new financial mannequin”. TUIK knowledge reveals how meals costs began to extend quickly in Turkey after the brand new financial mannequin.
The index technique 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 this planet and in Turkey are equal in January 2018. Turkey and the worldwide worth distinction is commonly 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 models, whereas Turkey noticed 144 models. In January 2021, the FAO International Meals Value Index is 119 models, whereas Turkstat’s Meals Value Index rises to 170.
With regards to January 2022, the hole between the world and Turkey turns into clearer. Whereas the costs had been equal in January 2018, in January 2022, 140 models on this planet; In Turkey, it will increase to 266 models. As of September 2022, whereas international costs stay at 140, it goes as much as 374 in Turkey.
The distinction begins after the brand new financial mannequin
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 this planet and in Turkey are equal and 100 models. Costs are shut to one another in October and November.
Nonetheless, this time, after December 2021, the distinction begins to widen. Whereas meals costs had been 100 on this planet and in Turkey a yr in the past, it is going to attain 103,8 models on this planet in September 2022; In Turkey, it will increase to 192.4 models.
By far the best improve in OECD international locations is in 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 % in Turkey. In the identical interval, costs had been 15 % on the OECD common; Within the EU, it rose 14 %.
The closest improve to Turkey was in Hungary with 33 %. The international locations with the least improve in meals and non-alcoholic beverage costs had been Switzerland with 3 % and Israel with 4 %.
As of August 2022, annual meals inflation is 16 % in Germany, 14 % in Sweden, 14 % within the USA, 13 % in England, Austria and the Netherlands; In France, it was 8 %.
Meals inflation in Turkey
Annual meals inflation in Turkey between 2019-2021 was round 15-20 %.
Nonetheless, as of 2022, it’s round 80-90%.
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