The Turkish Statistical Institute (TÜİK) announced the inflation data for the highly anticipated February 2022 period today. February data exceeded expectations.
The Turkish Statistical Institute (TÜİK) announced the inflation increase from January 2021 to January 2022 as 48.7%, with the inflation data it shared in the period of January 2022. While the effects of rapidly increasing inflation continued to be felt especially since September, the outbreak of the Russia-Ukraine war made the situation in Turkey even more frightening.
TURKSTAT announced today the highly anticipated consumer inflation for February 2022. According to the statement, consumer prices in February 4.84% per month rateon an annual basis (in the last 12 months) 54.44% rate increased. The rates announced were above the expectations of the surveys. Bloomberg HT’s survey was for inflation to be announced as 52.85% per annum.
Food products became the leader in monthly inflation:
- Food and non-alcoholic ingredients – 8.41%
- Houseware – 7%
- Health – 6.39%
- Miscellaneous goods and services – 6.01%
- CPI – 4.81%
- Transportation – 4.56%
- Restaurants and hotels – 4.54%
- Education – 3.90%
- Entertainment and culture – 2.72%
- Communication – 1.59%
- Housing – 1.49%
- Alcoholic beverages and tobacco – 0.44%
- Clothing and shoes – 0.30%
ENAG: Inflation increased by 123.80% year-on-year
Announcing its own inflation data together with TUIK, the Inflation Research Group shared its data for February 2022. According to ENAG, inflation was 5.44% on a monthly basis. 123.80% on an annual basis was measured.