The Turkish Statistical Institute announced that the Consumer Price Index (CPI) soared by 47.83% annually and 9.49% monthly in July.

This sharp increase in the general index, based on 2003=100, indicates a significant surge in the cost of living in the country.

In comparison to the previous month, the CPI saw a substantial rise of 9.49%. Looking back to December of the previous year, the increase was even more pronounced at 31.14%. Meanwhile, the CPI for the same month of the previous year experienced an alarming surge of 47.83%. The twelve-month moving average basis revealed a staggering 57.45% increase, adding to the economic concerns.

Housing was the main group that indicated the lowest annual increase, standing at 19.31%. Conversely, hotels, cafes, and restaurants reported the highest annual increase, reaching an astonishing 82.62%. In July 2023, education registered the lowest monthly increase at 2.67%, while transportation witnessed the highest monthly increase at 17.75%.

The index of 143 basic headings within the Classification of Individual Consumption by Purpose-COICOP 5 Digit Level experienced changes. Of these, the index for 4 basic headings decreased, and the index for 4 basic headings remained unchanged. However, the index for 135 basic headings increased, indicating the broad impact of the price surge across various expenditure groups.

Excluding unprocessed food, energy, alcoholic beverages, tobacco, and gold, the CPI saw a change of 8.92% compared to the previous month. In comparison to December of the previous year, the increase was 34.66%, while it reached 54.32% concerning the same month of the previous year. The twelve-month moving averages basis recorded a significant 58.08% surge in July 2023.

The rising inflation rates have become a matter of concern for Turkish citizens and policymakers alike, as they grapple with the economic challenges posed by these soaring consumer prices. (ILKHA)