Turkey's official inflation stands at 48 percent, research group says 114 percent

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The Turkish Statistical Institute (TurkStat) announced the Consumer Price Index (CPI) in Turkey for January 2022 earlier today (February 3).

According to the TurkStat, the CPI, or the consumer inflation rate, increased by 11.10 percent when compared to the previous month (December 2021), by 48.69 percent when compared to last January and by 22.58 percent when compared to the twelve months moving averages.

Annual rate of changes in CPI (%), January 2022

The lowest annual increase was 10.76 percent in communication. Education with 18.67 percent, clothing and footwear with 25.32 percent and health with 28.63 percent, were the other main groups where low annual increases took place. Tansportation with 68.89 percent, food and non-alcoholic beverages with 55.61 percent and furnishings and household equipment with 54.53 percent were the main groups with high annual increases.

In January 2022, the main group where a monthly decrease was observed was clothing and footwear with 0.24 percent. Education with 1.19 percent, communication with 2.16 percent and miscellaneous goods and services with 8.09 percent were the main groups that saw the lowest monthly increase.

Alcoholic beverages and tobacco with 21.90 percent, housing with 18.91 percent, and furnishings and household equipment with 12.82 percent were the main groups with high monthly increases.

In January 2022, within average prices of 409 items in the index, the average prices of 38 items decreased and the average prices of 17 items remained unchanged while the average prices of 354 items increased.

ENAG says inflation stood at 114 percent

On the other hand, founded by a group of academics and announcing alternative inflation rates in Turkey, the Inflation Research Group (ENAG) estimated that Turkey's monthly consumer inflation rate was 15.52 percent and its annual inflation rate was 114.87 percent in January:

ENAGrup Consumer Price Index (E-CPI) increased by %15.52 in January, 2022

E-CPI increased by %114.87 in the last 12 months.

— ENAG (@ENAGRUP) February 3, 2022

(HA/SD)