According to the data of the Turkish Statistical Institute (TURKSTATS), the Consumer Price Index (CPI) increased by 2.39 percent and the Domestic Producer Price Index (D-PPI) increased by 5.24 percent on a monthly basis in October. Annual inflation was 19.89 percent in consumer prices and 46.31 percent in domestic producer prices. Considering the 12-month averages as of October, consumer prices increased by 17.09 percent and domestic producer prices increased by 36.2 percent. CPI was 15.75 percent in October compared to December of last year; D-PPI, on the other hand, increased by 37.34% compared to December 2020. On the other hand, D-PPI, which is the basis for the revaluation rate determined by the Ministry of Treasury and Finance, increased by 36.2 percent at the end of October compared to the 12-month averages.
FOOD INFLATION AT THE TOP
In terms of main expenditure groups, the groups with the highest monthly increases in October were clothing and footwear with 7.56 percent, alcoholic beverages and tobacco with 5.97 percent, and transportation with 2.43%, respectively. In the main expenditure groups in the CPI, the highest annual increase in October was seen in food and non-alcoholic beverages with 27.41 percent. This was followed by restaurants and hotels with 25.23 percent and household goods with 23.03 percent. In October, while the average price of 46 items fell out of 415 items included in the index, the average price of 38 items remained unchanged. The average price of 331 items increased.
In terms of consumer prices, the highest price increase in October was seen in women's cardigans with 48.26 percent, followed by men's coats with 44.18 percent and men's sweaters with 41.54 percent. Other products with the highest price increase in October included children's sweaters with 39.98 percent, men's coats with 39.80 percent, and green peppers with 36.99 percent. Last month, the highest price decrease was in lemon with 34.68 percent. This was followed by domestic tours of one week or more with 25.25 percent, apples with 11.96 percent, carrots with 7.43 percent and dry onions with 6.14 percent.
NOVEMBER RENT INCREASE RATE AT 17.09 PERCENT
With the announcement of the inflation figures for October, the rent increase rate in November, which concerns millions of households, was also announced. While inflation is 17.09 percent according to 12-month averages, this rate will also be valid for the increase in rents. Accordingly, the rate of increase for citizens who will make a new lease agreement in November will be 17.09 percent.