Turkey: Food inflation ravaged the bazaar market

Published 2022년 12월 6일

Tridge summary

The Central Bank of Turkey (CBRT) has reported continued rising food inflation, with some products seeing over a hundred percent increase in price. The turkey Statistical Institute (TUIK) reported a 2.88% increase in the Consumer Price Index (CPI) in November, resulting in an annual inflation rate of 84.39%. The CBRT's report showed that the increase in the CPI was driven by food prices, despite a decrease in core goods, energy, and services prices. Notably, the price of cheddar cheese has nearly doubled, and the price of rice has increased by 145% in the past year.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The Central Bank of the Republic of Turkey (CBRT) has published its Monthly Price Developments Report. According to the data obtained, food inflation continues to increase. While the rise in fresh fruit and vegetable prices accelerated, prices of products such as rice, milk and cheese increased by more than one hundred percent. After the Turkish Statistical Institute (TUIK) announced that the Consumer Price Index (CPI) increased by 2.88 percent in November and the annual inflation fell to 84.39 percent, the CBRT's Price Developments Report was also published. According to the report, in November, compared to the previous month, the contribution to annual consumer inflation increased by 0.87 points in food, decreased by 0.98 points in core goods, 0.93 points in energy and 0.09 points in services. In this context, the decline in annual consumer inflation was driven by energy and core goods, while food group price developments stood out on a monthly basis. Price increases in some ...

Source: Tgrthaber