The Consumer Price Index (CPI) increased by 67.07 percent on an annual basis and 4.53 percent on a monthly basis

• The annual inflation rate reached 67.07 percent in February.
• The inflation figures for the month of February have been announced.

The Turkish Statistical Institute (TÜİK) revealed the Consumer Price Index for February. According to the data, the changes in the CPI for February 2024 compared to the previous month were 4.53 percent, compared to December of the previous year were 11.54 percent, compared to the same month of the previous year were 67.07 percent, and based on twelve-month averages were 55.91 percent. The main group with the least increase compared to the same month of the previous year was clothing and footwear with 43.44 percent. In contrast, the main group with the highest increase compared to the same month of the previous year was restaurants and hotels with 94.78 percent.

By major spending groups, in February 2024, the main group with the least increase compared to the previous month was clothing and footwear with 0.20 percent. In contrast, the main group with the highest increase compared to the previous month was education with 12.76 percent.

As of February 2024, out of the 143 main items covered by the index (Individual Consumption Classification According to Purpose – COICOP 5-Level), 12 showed a decrease in the index, 6 showed no change, and 125 showed an increase.

The Special CPI indicator (B), excluding unprocessed food products, energy, alcoholic beverages and tobacco, and gold, recorded changes of 4.23 percent on a monthly basis, 11.37 percent compared to December of the previous year, 70.31 percent compared to the same month of the previous year, and 60.96 percent based on twelve-month averages.

The Domestic Producer Price Index (D-PPI) increased by 47.29 percent annually and 3.74 percent monthly in February 2024. The annual changes in the four sectors of industry were as follows: mining and quarrying increased by 68.10 percent, manufacturing increased by 56.71 percent, electricity and gas production and distribution decreased by 30.68 percent, and water supply increased by 66.20 percent.

Annual changes in the main industrial groups were as follows: intermediate goods increased by 51.47 percent, durable consumer goods increased by 61.51 percent, nondurable consumer goods increased by 64.34 percent, energy increased by 0.45 percent, and capital goods increased by 64.70 percent.

On a monthly basis, the D-PPI for manufacturing increased by 4.56 percent. Monthly changes in the four sectors of industry were as follows: mining and quarrying increased by 4.29 percent, manufacturing increased by 4.56 percent, electricity and gas production and distribution decreased by 4.96 percent, and water supply increased by 0.81 percent.

Monthly changes in the main industrial groups were as follows: intermediate goods increased by 3.93 percent, durable consumer goods increased by 5.07 percent, nondurable consumer goods increased by 5.41 percent, energy increased by 0.02 percent, and capital goods increased by 3.23 percent.