Economic crisis deepens in Turkey, confirms new inflation data

According to the TÜİK (Turkish Statistical Institute), in February 2022, the CPI (Consumer Price Index), or the consumer inflation rate, increased by 4.81 percent when compared to the previous month (January 2022), by 16.45 percent when compared to last December, by 54.44 percent when compared to last February and by 25.98 percent when compared to the twelve months moving averages.

Transportation with 75.75 percent, furnishings and household equipment with 64.83 percent and food and non-alcoholic beverages with 64.47 percent were the main groups with high annual increases.

The lowest annual increase was 11.89 percent in communication. Education with 22.24 percent, clothing and footwear with 26.87 percent and health with 32.86 percent were the other main groups where low annual increases happened, according to the TurkStat.

In February 2022, food and non-alcoholic beverages with 8.41 percent, furnishings and household equipment with 7 percent and health with 6.39 percent were the main groups with high monthly increases.

In the same period, clothing and footwear with 0.30 percent, alcoholic beverages and tobacco with 0.44 percent and housing with 1.49 percent were the main groups that indicated the lowest monthly increase.

In February, within average prices of 409 items in the index, the average prices of 53 items decreased and the average prices of 24 items remained unchanged, while the average prices of 332 items increased.