Inflation hit record of the last 15 years in Turkey!

The economic crisis has hit inflation! In September, inflation expectations exceeded consumer expectations by 6.30 percent and 10.88 percent, respectively. Annual inflation is 24.52 percent in consumer prices; domestic producer prices were 46.15 percent. Inflation saw the record high of the last 15 years!

Minister of Finance and Treasury Berat Albayrak evaluated the September inflation figures in his television program. Minister Albayrak said, We faced an unexpected number. It was revealed that the effects of opportunism, stocking and speculative pricing behaviors on prices were not real, but rather real.

Turkey Statistical Institute (TSI), announced inflation figures for September. According to TURKSTAT data, the Consumer Price Index (CPI) increased by 6.30 percent in September and the Domestic Producer Price Index (D-PPI) by 10.88 percent.

In September, CPI increased by 19.37 percent compared to December of the previous year and 24.52 percent compared to the same month of the previous year. Meanwhile, D-PPI increased by 38.96 percent compared to December 2017 and increased by 46.15 percent compared to August last year.

The average inflation expectations of the economists who participated in the AA Finance Inflation Expectations Survey were 3.46 percent. According to this average, the annual inflation, which was 17.90 percent the previous month, was calculated to rise to 21.19 percent. The average inflation expectation of the economists for the end of 2018 was 21.84 percent.

In September, the highest monthly increase in the household goods group was 11,41 percent, while the highest level of transportation was 9,15 percent, 7,42 percent in various goods and services, 6,62 percent in entertainment and culture, food and non-alcoholic drinks. 6.40 percent increase was recorded. In September, there was no decrease in the index due to the main expenditure groups. Alcoholic beverages and tobacco increased from the main expenditure groups by 0.07 percent, which is the least.

The highest increase in CPI was observed in the household goods group with 37.28 percent year-on-year. This was followed by transportation with 36.61 percent, food and non-alcoholic beverages with 27.70 percent and housing with 21.64 percent.

The changes in the four sectors of the industry compared to the previous month were recorded as 5.65 percent in the mining and quarrying sector, 9 percent in the manufacturing industry sector, 40.21 percent in the electricity and gas sector and 0.65 percent in the water sector.