Turkey’s CPI rate rebounded in February to 31.53% year-on-year, slightly above analysts’ forecasts, while the monthly increase in inflation was 2.96% compared with January, according to official data released today by the Turkish Statistical Institute (TÜİK), which again put the government’s target of reducing inflation in check.
The report presented in the last hours by the official statistical body of the Eurasian country indicates that the inflation index in the month of February grew by 2.96% compared to the previous month, surpassing the forecast of 2.81% of the markets, while the year-on-year CPI figure reached an increase of 31.53%, slightly above the average estimate of 31.35% made by analysts. Annual core inflation stood at 29.46% during the same period.
Among the three main expenditure groups with the greatest weight in the CPI, the largest year-on-year increases corresponded to housing, with a rise of 42.33% compared to February last year. Food and non-alcoholic beverages increased by 36.44%, while transport recorded an increase of 28.86%. Also noteworthy was the 55.78% year-on-year increase in the cost of education.
In monthly terms, food was the main driver of the rise in the cost of living: prices of food and non-alcoholic beverages rose by 6.89% in February compared with the previous month, while transport increased by 2.58% and housing rose by 2.4%.
Şimşek: “The downward trend in inflation continues“
Turkish Finance Minister Mehmet Şimşek, acknowledged that the sharp rise in food prices above their historical average caused a temporary spike in annual inflation, but stressed that “core goods inflation fell to 16.6%” and that “services inflation, which is very rigid, fell below 40%, its lowest level in 47 months. This outlook indicates that the downward trend in inflation continues”.
“We expect the sharp increases in food prices observed in the last two months to be offset in the coming period, depending on weather conditions. On the other hand, we are working to limit the inflationary impact of higher oil prices stemming from geopolitical developments,” Şimşek added, referring to the tense situation in the Middle East, especially in Iran.
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Edited and reviewed by:
Pablo Gómez is a specialist in Turkey and has been editor-in-chief of Hispanatolia since 2011. He has been analysing current affairs and geopolitics in Turkey and the surrounding region since 2006.
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