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Türkiye’s inflation rate for August 2024 eased to 51.97% year-on-year, with the Consumer Price Index (CPI) registering a monthly increase of 2.47%, according to the latest data from the Turkish Statistical Institute (TUIK).
In August 2024, the general CPI index (2003=100) recorded a 2.47% rise compared to July, contributing to a 31.94% increase since December of the previous year. The 12-month moving average for CPI showed a significant increase of 64.91%.
Transportation costs recorded the lowest annual increase at 28.96%, while education saw the highest surge – with a 120.81% year-on-year increase.
The CPI data for August 2024 revealed significant variations across sectors. Education led the monthly increases with an 11.34% rise, followed by housing at 8.51% and alcoholic beverages and tobacco at 4.46%.
Notably, the food and non-alcoholic beverages sector experienced a -1.10% decline, marking the first monthly decrease in food prices since August 2020.
Excluding volatile items like unprocessed food, energy, alcoholic beverages, tobacco and gold, the core CPI rose by 2.99% in August 2024, reflecting a 51.56% annual increase.
Out of the 143 basic headings classified under the Classification of Individual Consumption by Purpose (COICOP) at the 5-digit level, 118 headings saw an increase, 22 decreased and three remained unchanged.
The year started with significant inflationary pressures, driven by price adjustments and a hike in the minimum wage. January and February saw sharp CPI increases of 6.7% and 4.53%, respectively.
Inflation moderated in March and April, with monthly increases of around 3.2%, but still exceeded expectations. May marked a peak in annual inflation with a 3.37% monthly rise.
In June, inflation slowed, with monthly increases dropping below 2%, and the annual rate falling to 71.60%.
However, July witnessed an acceleration in inflation because of mid-year hikes in tobacco, fuel prices, and taxes, resulting in a 3.23% monthly increase, though the annual inflation rate declined to 61.78% because of base effects.
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