In January, monthly inflation reached a maximum in 9 months!

SAFAKNA TURKEY – Turkstat has published the consumer price index (CPI) data for January. Accordingly, annual inflation was 57.68 percent and monthly inflation was 6.65 percent in January.

In January, online markets announced fixed prices for thousands of items in separate announcements. However, especially in the healthcare sector, the highest monthly inflation rate in 9 months was achieved. Despite the “fixing” actions, the rise in prices for food and non-alcoholic beverages increased by 6.6 percent in January compared to December.

Meanwhile, although Turkstat released inflation data, the bulletin and detailed data could not be accessed for 30 minutes due to a technical error on its website. TÜİK then shared the data bulletin in pdf format with the press. However, it was noted in this bulletin that the monthly price changes were prepared on an “annual” basis.

Market expectations were that annual inflation would reach 53.2 percent and monthly inflation would be 3.7 percent.

In December, inflation was announced at 64.27 percent per annum and 1.18 percent per month.

HEALTH ON TOP

In January 2023, apparel and footwear recorded a 1.53 percent decline from the previous month. On the other hand, the main group with the highest increase compared to the previous month was health – 18.35 percent.

Similarly, the main group showing the least growth compared to the same month of the previous year was clothing and footwear (24.24%), while the main group with the highest annual increase was health (77.22%).

25 PERCENT INCREASE IN BEER PRICES

According to TUIK, the main commodity with the largest increase in prices in January compared to the previous month was “other services n.e.c.” with a figure of 70.6%. This is followed by basic hospital services with 27.46% and beer with an increase of 25.17%.

Selected main headings and coefficients of change with the highest monthly CPI growth, January 2023: