The progress of Turkey’s fight against inflation is moving in a positive direction

food inflation

The Turkish economy, with Mehmet Şimşek and Hafize Gaye Erkan taking the helm, is gaining positive scores in the fight against inflation.

The Turkish Statistical Institute has released the inflation data for October. According to the announcement, inflation recorded a 3,43 % increase on a monthly basis.

In October, consumer prices increased by 61.36 percent compared to the same period of the previous year.

According to the Turkish Statistical Institute (TUIK), considering the 12-month averages as of October, consumer prices increased by 54.26% and domestic producer prices rose by 58.46%.

On a monthly basis, the Consumer Price Index (CPI) increased by 3.43%, while the Producer Price Index (PPI) rose by 1.94%.

In comparison to December of the previous year, the CPI showed a 55% increase in October and a 61.36% increase compared to the same month last year.

Regarding the PPI, compared to December 2022, there was a 38.7% increase in October, and in comparison to October of the previous year, there was a 39.39% increase.

Moreover, the PPI, which forms the basis for the revaluation rate determined by the Ministry of Treasury and Finance, showed a 58.46% increase based on the 12-month averages at the end of October. Various tax and fee-related laws anticipate that tax, fee, and penalty amounts will increase by the revaluation rate every year.

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