The Turkish Statistical Institute reported a significant annual increase in the Non-Domestic Producer Price Index (ND-PPI), indicating a sharp rise in prices for manufactured goods and industrial sectors.

According to the latest statement released on Friday, the ND-PPI rose by 65.48% compared to the same month last year.

In May 2024, the ND-PPI saw a monthly increase of 0.42%, contributing to a 14.11% rise since December of the previous year. The twelve-month moving average also recorded a notable 59.60% increase, highlighting sustained inflationary pressures within Türkiye's industrial sectors.

The ND-PPI for manufactured products specifically surged by 65.34% annually. Within the main industrial sectors, mining and stone quarrying observed a substantial 73.45% increase, while manufacturing recorded a similar rise of 65.34% over the previous year.

Indices for key industrial groups underscored the widespread price hikes: intermediate goods rose by 58.94%, durable consumer goods by 71.72%, non-durable consumer goods by 67.34%, energy by 75.80%, and capital goods by 70.72% annually.

On a monthly basis, ND-PPI for manufactured products increased by 0.37%. Mining and stone quarrying sectors reported a 2.85% rise, while manufacturing saw a 0.37% increase compared to the previous year.

For May 2024, intermediate goods increased by 0.94%, durable consumer goods by 1.68%, non-durable consumer goods by 0.67%, energy witnessed an 8.25% decrease, and capital goods increased by 0.73% annually.

The latest ND-PPI figures reflect ongoing inflationary pressures in Türkiye's industrial sectors, posing challenges amid broader economic conditions. (ILKHA)