Turkey's official statistical authority, the Turkish Statistical Institute (TÜİK), reported a monthly inflation rate of 4.75% and an annual inflation rate of 61.53% in September. These figures mark the highest annual inflation levels of the year for the government data.
Consumer Price Index, September 2023— turkstat (@TurkStat) October 3, 2023
Consumer price index (CPI) realized as 61.53% annually and 4.75% monthly
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However, as per unofficial data provided by Turkey's Inflation Research Group (ENAG), an independent institution established in 2020 to monitor the country's inflation, the annual consumer price index in Turkey reached 130.13% in September, with a monthly inflation rate of 6.24%.
ENAGrup Consumer Price Index (E-CPI) increased by 6.24% in September 2023.— ENAG (@ENAGRUP) October 3, 2023
E-CPI increased by 130.13% in the last 12 months
The TÜİK announced monthly inflation at 9.09 percent and annual inflation at 58.94 percent in August. The ENAG, on the other hand, noted that inflation increased by 8.59 percent monthly in August while annual inflation rose to 128.05 percent.
According to the TUİK, the main group with the lowest increase in September compared to the same month of the previous year was housing with 20.16 percent. On the other hand, the group with the highest increase was restaurants and hotels with 92.48 percent.
As of September 2023, within the index comprising 143 main categories, the indices of 11 main categories experienced a decrease, while the indices of 4 main categories remained unchanged. Conversely, the indices of 128 main categories witnessed an increase.
In September, the highest monthly increase was university education with an increase of 30.72 per cent.
Most of the universities in Turkey started the new academic year in late September or early October. Foundation universities have made astronomical increases in university fees over the raging inflation and lira depreciation.
"Other accommodation services" ranked second with an increase of 30.21 percent, while "urban passenger transport by bus" ranked third with an increase of 26.9 percent.
Thousands of university students utilized transportation and accommodation services during their transfers from their hometowns.