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Inflation in Turkey: Record After Record

Inflation in Turkey: Record After Record

The Turkish Institute of Statistics (TÜİK) on Wednesday, August 3, 2022 published inflation data (TÜFE – Consumer Price Index), which was recorded in July this year.

According to TÜİK, inflation in Turkey last month was a record 79.60 percent year-on-year, 60.65 percentage points higher than in July 2021.

The figure is the highest in the past 24 years (since October 1998). The rise in domestic (ÜFE) prices was also a record 144.6 percent.

The main groups with the highest growth compared to the same month last year were:

  • transportation (119.11 percent)
  • food and non-alcoholic beverages (94.65 percent)
  • household goods (88.35 per cent)
  • alcoholic beverages and tobacco products (82.66 percent)
  • Catering/hotels (79.14 per cent)
  • Residential real estate (69.96 per cent)

Economic publications have already had time to update the chart of rising inflation across the G20 countries, in which Turkey has continued to lead for the past several months in a row.

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