Turkey’s inflation at 38.1% in March, food prices lead monthly rise
Turkey’s statistical authority has released inflation figures for March, reporting a 2.46% increase in the consumer price index compared to the previous month and a 38.1% rise year-on-year.
This marks a slight decrease from the 39.05% of annual inflation rate recorded in February.
The cumulative increase since December 2023 stands at 10.06%, while the 12-month average reached 51.26%, according to the Turkish Statistical Institute (TurkStat) data.
Among the main spending categories with the highest weight in the index, annual inflation was 37.12% in food and non-alcoholic beverages, 21.59% in transportation, and 68.63% in housing.
These groups contributed 9.51%, 3.65%, and 9.47% respectively to the overall year-on-year change in inflation.
In monthly terms, the sharpest price increases were again seen in food and non-alcoholic beverages, which rose by 4.94%. Housing costs increased by 2.10%, while transportation prices edged up by 0.25%.
The respective contributions to monthly inflation were 1.23% from food, 0.33% from housing, and 0.04% from transportation.
Price list for goods basket still withheld
TurkStat once again did not release the itemized price list of the goods basket, which it last published on Apr 4, 2022.
The Confederation of Progressive Trade Unions of Turkey (DİSK) had previously filed a lawsuit against TurkStat over this issue. On Mar 31, 2023, the Ankara 6th Administrative Court ruled that the requested information falls under the right to access information and is necessary for DİSK to fulfill its duties. TurkStat also lost its appeal. Nevertheless, nearly three years later, the agency has yet to reinstate the price list in its inflation reports.
Instead, TurkStat continues to publish statistics by expenditure group. In March, prices increased in 113 of the 143 main categories covered by the index. No change was recorded in 5 categories, while prices fell in 25.
Independent group reports much higher inflation
According to the independent Inflation Research Group (ENAG), monthly inflation in March was 3.91%, with an annual rate of 75.20%.
Among subcategories, the highest monthly increase was in communication at 6.77%, followed by food and non-alcoholic beverages at 5.38%, and various goods and services at 4.59%.
The İstanbul Chamber of Commerce (İTO) also reported a monthly increase of 3.79% and an annual rise of 46.23% in its separate price index for the city. Wholesale prices in İstanbul climbed 2.30% from February and were up 46.12% compared to the previous year. (HA/VK)
