Turkey's independent academics announce annual inflation rate as 108 percent

Turkey's Inflation Research Group (ENAG), founded by a group of independent academics, has announced the country's annual inflation rate as 108.58 percent in June. June consumer prices rose 8.54% from a month earlier, according to the data from ENAG. The government-run Turkish Statistical Institute (TÜİK) will announce the official inflation rate on July 5.

Monday July 03 2023 01:29 pm

Duvar English

According to unofficial data from the ENAG Inflation Research Group, an independent institution set up in 2020 to track the country’s inflation, Turkey’s annual consumer price inflation rate was 108.58% in June.

The institution is known for finding the inflation rate far higher than official claims.

ENAG said prices in Turkey increased by 8.54% month-on-month in June. Six-month inflation rate, between January-June, was recorded at 50.53%.

ENAGrup Consumer Price Index (E-CPI) increased by 8.54% in June, 2023

E-CPI increased by 108.58% in the last 12 months
— ENAG (@ENAGRUP) July 3, 2023

The government-run Turkish Statistical Institute (TÜİK) will announce official figures on July 5.

On the other hand, it has come out to light that in the sponsorship agreement signed between Turkish football club Galatasaray and Rams Global, the increase rate of the payment will be determined by taking the average of the inflation rates to be announced by the TÜİK and ENAG in the upcoming seasons.

The Central Bank on June 22 raised the interest rate by 6.5 points to 15 percent for the first time after 27 months. The move came in the first meeting of the bank under new Governor Hafize Gaye Erkan.

On the other hand, the government on June 20 announced that it raised the minimum wage by 34 percent to 11,402 Turkish Liras for the second half of 2023.