Türkiye's consumer price inflation maintained a high level in October, with prices rising 32.87% on an annual basis, according to official data released on Monday.

The Turkish Statistical Institute (TurkStat) reported that consumer prices increased by 2.55% from the previous month. While the annual figure remains significantly elevated, it shows a slight stabilization compared to the 37.15% average recorded over the preceding twelve months.

The data reveals persistent pressure across key sectors of the economy. The highest annual increase was seen in housing costs, which surged by 50.96%. This was closely followed by food and non-alcoholic beverages, which jumped 34.87% compared to October of the previous year. Transportation costs also rose sharply, by 27.33%.

These three categories, which carry the most weight in the consumer basket, were the primary drivers of the overall inflation rate. Housing contributed 7.75 percentage points to the annual figure, while food and non-alcoholic beverages contributed 8.44 percentage points.

On a monthly basis, the trend continued, with food and non-alcoholic beverages becoming notably more expensive, posting a 3.41% increase from September. Housing costs rose 2.66% month-on-month.

A key indicator of underlying inflationary trends, which excludes volatile items such as unprocessed food, energy, alcoholic beverages, tobacco, and gold, also remained high. This "CPI-B" index increased by 32.52% annually and 2.43% monthly, indicating that inflationary pressures are broad-based.

The detailed data shows that prices rose in the vast majority of product categories. Of the 143 basic headings tracked, prices increased in 118, decreased in only 18, and remained unchanged in 7.

The persistent high inflation underscores the ongoing challenges facing the Turkish economy as it grapples with soaring living costs. The figures for October will be closely watched by policymakers and central bankers for signs of whether current economic measures are curbing the price spiral. (ILKHA)