The Turkish Statistical Institute (TurkStat) released a statement on Wednesday revealing a substantial surge in the Consumer Price Index (CPI) for the year 2023.

The annual CPI has recorded an alarming increase of 64.77%, with a monthly uptick of 2.93%, according to the official announcement.

Breaking down the data for December 2023, the general index in CPI (2003=100) experienced a monthly change of 2.93%, a staggering 64.77% increase compared to the previous year, and a similar 64.77% increase concerning the same month of the previous year. The twelve-month moving averages basis indicates a substantial rise of 53.86% in December 2023.

Among the various consumer goods and services, housing showed the lowest annual increase at 40.39%, while hotels, cafes, and restaurants topped the list with a significant 93.24% annual increase.

Analyzing the monthly changes in December 2023, clothing and footwear registered the lowest increase at -1.33%, while recreation and culture experienced the highest monthly increase at 5.30%.

Within the 143 basic headings of the index, there were notable fluctuations, with 20 basic headings witnessing a decrease, 11 basic headings remaining unchanged, and 112 basic headings showing an increase.

The CPI indicator, considering specified coverage (B), recorded an annual increase of 68.02%, coupled with a monthly rise of 2.39%.

Furthermore, when excluding unprocessed food, energy, alcoholic beverages, tobacco, and gold from the CPI calculation, the index still reflected a significant increase. The change in CPI (2003=100) for December 2023 exhibited a monthly rise of 2.39%, an annual surge of 68.02%, and a twelve-month moving averages basis increase of 58.58%.

The released data underscores the economic challenges and inflationary pressures facing Turkey, raising concerns about the cost of living and the overall stability of the country's economy. Authorities and policymakers are likely to face increasing scrutiny in addressing these economic concerns in the coming months. (ILKHA)