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.