Annual inflation in Turkey hit over 80 percent in August
Turkey’s consumer price index (CPI) surged to 80.2 percent in August, the Turkish Statistical Institute (TUIK) announced on Monday.
Although TUIK’s data marked the highest level since 1998, it still fell far behind unofficial figures. The independent Inflation Research Group ENAG, set up by Turkish academics and argues that the official data is inaccurate, said the annual CPI in August has accelerated to 181.4 percent.
TUIK measured the price increase rate on a monthly basis as 1.46 percent, but ENAG said the prices rose by 5.86 percent last month.
ENAGrup Tüketici Fiyat Fiyat Endeksi (E-TÜFE) Ağustos ayında %5.86 arttı.— ENAG (@ENAGRUP) September 5, 2022
E-TÜFE’nin son 12 aylık artışı %181.37, yılın başından itibaren ise %91.62 olarak gerçekleşti.
Inflation in Turkey hit highest levels since the 1990s after the central bank cut interest rates to 14 percent from 19 percent late last year and kept them steady despite surging inflation until last month. In August, the central bank cut the one-week repo rate further to 13 percent.