Inflation and the interest race!

Inflation and the interest race!
Date: 6.4.2021 16:00

The rate hikes made by the government in line with the 5 percent inflation target are also unable to restrain inflation.

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The rise in inflation continued for the 6th month in a row and reached its 20-month high in March.
According to the statistics of Turkey Statistical Institute (TURKSTAT), while inflation increased by 1.08 percent in March, annual inflation reached 16.19 percent and has seen the highest level since July 2019. Producer prices, on the other hand, rose to 31.20 percent on an annual basis, reaching the highest level since January 2019. Turkey, a "high-high inflation rate" entered the spiral.
According to the statistics of the Turkey Statistical Institute, the Consumer Price Index (CPI) increased by 1.08 percent on a monthly basis and the Domestic Producer Price Index (D-PPI) increased by 4.13 percent in March. Annual inflation was 16.19 percent in consumer prices and 31.2 percent in domestic producer prices. Considering the 12-month averages as of March, consumer prices increased by 13.18 percent and domestic producer prices increased by 17.04 percent. The CPI increased by 3.71 percent in March compared to December last year and 16.19 percent compared to the same month of the previous year. D-PPI increased by 8.21 percent compared to December 2020 and 31.2 percent compared to March last year.


According to the main spending groups, the groups with high monthly increases in March were health with 3.70 percent, education with 2.77 percent and restaurants and hotels with 2.60 percent, respectively. There was no change in the transportation group in March. Other main groups that showed the least increase were household goods with 0.54 percent and housing with 0.70 percent. The highest increase in CPI on an annual basis was seen in the transportation group with 24.85 percent. The transportation was followed by household goods with 23.64 percent, and various goods and services with 21.49 percent.
In March, among the 26 regions with the Statistical Region Unit Classification (NUTS) at the 2nd level, the highest monthly increase was in the "Mardin, Batman, Şırnak, Siirt" region with 1.54 percent. According to the 12-month averages, the highest increase occurred in the "Şanlıurfa, Diyarbakır" region with 14.76 percent. On an annual basis, the highest increase was observed in the "Malatya, Elazığ, Bingöl, Tunceli" region with 20.39 percent, followed by "Şanlıurfa, Diyarbakır" with 17.82 percent and "Aydın, Denizli, Muğla" with 17.64 percent.


On the basis of consumer prices, the highest price increase was experienced in cauliflower with 61.04 percent in March, while the price increase in cauliflower was followed by long pepper with 27.88 percent and chicken meat with 9.79 percent. Other products whose prices increased the most in March were shaving equipment with 8.52 percent, lemon with 7.71 percent and tomatoes with 7.20 percent. Last month, the highest price decrease was in the pumpkin with 17.30 percent. This was followed by cucumber with 17.08 percent, curly with 15.55 percent, red cabbage with 12.32 percent, onion with 9.84 percent and potato with 9.33 percent.


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