The Turkish Statistical Institute (TurkStat) released data on Wednesday, revealing a continued upward trend in the Non-Domestic Producer Price Index (ND-PPI) for October 2024.

On a monthly basis, the ND-PPI increased by 0.09%. When compared to December of the previous year, the index rose by 23.45%, and it also showed a 47.62% increase on a twelve-month moving average basis, indicating sustained inflationary pressures.

The increase in the ND-PPI was driven largely by the manufacturing and mining sectors. Specifically, the ND-PPI for manufacturing rose by 30.65%, while mining and stone quarrying saw a slightly higher increase of 33.52% compared to the previous year.

Looking at the main industrial groups, there was a notable rise in durable consumer goods, which saw an increase of 36.56% on an annual basis. Non-durable consumer goods rose by 31.09%, while intermediate goods increased by 28.23%. Energy prices also saw a more modest increase of 4.74%, and capital goods experienced a significant jump of 38.71%.

On a monthly basis, the ND-PPI for manufacturing increased by just 0.08%. The mining sector, however, saw a slightly higher monthly increase of 0.23%. Among the industrial groups, durable consumer goods saw the largest monthly rise of 1.08%, while energy prices also increased by 3.59%. In contrast, capital goods decreased by 0.49%, and non-durable consumer goods dropped slightly by 0.10%.

These figures reflect ongoing inflationary trends in the Turkish economy, with significant impacts felt across various sectors, particularly in consumer goods and capital goods. (ILKHA)