Turkey's CPI soars 39.59% YoY amid economic fluctuations

07 Jun '23

1 min read

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Insights

Turkiye's CPI in May 2023 saw considerable shifts, rising 39.59 per cent year-on-year (YoY) and 0.04 per cent month-on-month (MoM).
Despite recording the lowest annual increase at 19.49 per cent, clothing and footwear surged 9.85 per cent monthly.
Excluding categories like energy, the country's CPI rose by 3.60 per cent MoM and 47.70 per cent YoY.

In May 2023, Turkiye experienced significant fluctuations in its consumer price index (CPI), rising 39.59 per cent year-on-year (YoY) and 0.04 per cent month-on-month (MoM). While the clothing and footwear category registered the smallest annual increase at 19.49 per cent, it soared by 9.85 per cent on a monthly scale.

Out of 143 basic headings in the index, 25 showed a decrease, while eight remained stable, and the majority, 110, displayed an increase, the Turkish Statistical Institute (TurkStat) said in a press release.

When excluding several categories such as energy, the CPI in May 2023 demonstrated a considerable shift. The index rose by 3.60 per cent compared to the previous month, 19.51 per cent compared to December of the prior year, 47.70 per cent compared to the same month in the previous year, and a substantial 60.94 per cent on a 12-month moving averages basis.

These figures are based on the 2003=100 base year CPI model, which means the average price level for the year 2003 is set as the benchmark. The numbers reflect how much average prices have increased since that year.

Fibre2Fashion News Desk (NB)

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