Inflation in Türkiye accelerates in February to its highest level since end of 2022

The growth rate of consumer prices in Türkiye accelerated in February to the highest level since November 2022, Report informs referring to Interfax.

Inflation amounted to 67.1% in annual terms compared to 64.9% in January, according to the country’s statistical institute (Turkstat).

Analysts on average predicted growth of 65.7%, Trading Economics reports.

The cost of utilities in February jumped by 49.1% (a month earlier the increase was 46%), transport services by 78% (by 77.5%).

Meanwhile, food prices rose 71.2% after rising 69.7% in January. Prices in cafes and restaurants soared by 94.8% (in January by 92.3%). Clothing and footwear increased in price by 43.4% (40.6%).

Consumer prices in February increased by 4.5% compared to January, when the rise was 6.7%.

Core inflation, which does not take into account the cost of food, energy, tobacco and gold, accelerated to 72.9% year-on-year in February from 70.5% a month earlier, Turkstat reports.

Producer price indices (PPI) in Türkiye last month increased by 47.3% year over year and by 3.7% compared to January. In January, prices rose by 44.2% and 4.1%, respectively.