NEWS ECONOMY NEWS        03/03/2020

Turkey’s annual inflation rate rises slightly to 12.37% in February 2020

The Turkish Statistical Institute (TÜİK - TurkStat) announced an increase in the consumer inflation rate for February 2020 compared with the previous month as 0.35%, resulting in an increase in the annual-to-date rate to 12.37% from the previous month’s rate of 12.15%. Market expectations were that the monthly rate would be slightly higher at around 0.70%.


The highest monthly increase was recorded in food and non-alcoholic beverages with 2.33%, followed by health with 2.03%, education with 0.86%, miscellaneous goods and services with 0.85%, and restaurants and hotels with 0.82%.


The highest monthly decreases were recorded in clothing and footwear with 4.83% and alcoholic beverages and tobacco with 1.34%.


Annual increases were recorded in alcoholic beverages and tobacco with 40.15%, followed by miscellaneous goods and services with 16.44%, housing with 15.31%, education with 14.23%, health with 13.58%, restaurants and hotels with 13.45%, transportation with 11.73%, and food and non-alcoholic beverages with 10.58%.


There is much speculation as to the accurateness of the inflation figures produced by TurkStat as ordinary citizens understandably feel that they have experienced a much higher rise in the cost of living over the last year.

Turkey’s net minimum wage has been raised 21.56% to TL 2,825.90 (USD 380) as of 01.01.2021       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s official annual inflation rate increases to 19.25% in August 2021       Turkey’s official unemployment rate shoots back up to 12% in July 2021       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 83,614,362 as of 2020 yearend       Foreigners visiting Turkey in 2020 falls by 71.7% to 12.7 million       Turkey’s private sector foreign debt is USD 173.9 billion as of 2020 yearend       Turkey’s economy grew by 1.8% in 2020       Foreign Direct Investment inflow to Turkey was USD 7.7 billion in 2020