Turkey’s annual inflation rate is almost 60 percent, finds research group
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Established by a group of academics and announcing alternative inflation rates in Turkey, the Inflation Research Group (ENAG) has estimated that Turkey's monthly consumer inflation rate was 9.91 percent and annual inflation rate was 58.65 percent in November 2021.
According to the ENAG, the highest monthly increase in prices was seen in the category of "recreation and culture" with 21.11 percent. The lowest monthly increase in prices was in communications (1.38 percent).
CLICK - Turkey's official inflation rate climbs to highest in three years
Commenting on the figures on his social media account, ENAG executive Prof. Veysel Ulusoy has said, "Policy rate has dropped, inflation has increased. Inflation is approaching uncontrollable rates."
While the wide gap between the figures announced by the state agency Turkish Statistical Institute (TurkStat) and those of the ENAG is found striking, economists, journalists and opposition politicians have long been criticizing that the TurkStat figures do not reflect the truth.
ENAGrup Consumer Price Index increased by %9.91 in November.
— ENAG (@ENAGRUP) December 3, 2021
The last 12 months increase in ENAGrup Consumer Price Index (E-CPI) is %58.65.
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