Türkiye’s Services Producer Price Index (S-PPI) saw a significant rise in August 2024, with an annual increase of 57.72% and a monthly rise of 2.62%, according to a statement by the Turkish Statistical Institute.

The index, which reflects the price changes in the service sector, also recorded a 47.23% jump compared to December of the previous year, and a substantial 76.54% growth in the twelve-month moving averages.

Breaking down the sectors, transportation and storage services saw a 53.44% rise on an annual basis and a 4.26% increase compared to the previous month. Accommodation and food services followed with a 61.35% annual increase and a 3.03% monthly rise. Information and communication services experienced one of the highest jumps, with a 65.99% rise annually and a 2.55% increase monthly.

Meanwhile, real estate services saw an increase of 57.69% on a yearly basis and a 2.54% rise month-on-month. In contrast, professional, scientific, and technical services displayed a 65.89% annual growth but registered a decline of 4.53% from the previous month. Lastly, administrative and support services recorded a 55.51% rise over the year and a 3.28% monthly increase.

These figures indicate notable inflationary pressures across Türkiye’s service sectors, especially in accommodation, food, and communication, reflecting the growing costs and market conditions across these industries. (ILKHA)