Turkey's Inflation Surges to 33.29% in September
Turkey's inflation rate soared to 33.29% in September, ending a 15-month decline. This reversal was primarily driven by food prices, which contributed 1.1 percentage points to the monthly inflation rate. The monthly consumer price increase was 3.23%, surpassing market expectations of 2.6%.
The highest yearly price increases were seen in education (66.1%), housing (51.36%), and food and non-alcoholic beverages (36.06%). The start of the new school year also contributed to the rise, with education and related items adding approximately 0.7 percentage points to the monthly inflation rate in September.
Treasury and Finance Minister Mehmet Simsek, who is responsible for evaluating inflation data, stated that disinflation will continue despite the September inflation reversal. He acknowledged the challenges but expressed confidence in the government's economic policies.
The main expenditure groups with the highest weight and price increases were food and non-alcoholic beverages (36.06%), transportation (25.3%), and housing (51.36%). The lowest yearly price increases were seen in clothing and footwear (9.8%), communications (23.2%), and alcoholic beverages and tobacco (24.49%). The Turkish government remains committed to its disinflation efforts despite the recent setback.
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