Turkey's independent academics announce annual inflation rate as 121 percent

Turkey's Inflation Research Group (ENAG), founded by a group of independent academics, has announced the country's annual inflation rate as 121.62 percent in January, far higher than the official figure of 57.68 percent.

Duvar English

Turkish annual inflation rose 57.68% in January, official data showed on Feb. 3.

Month-on-month, consumer prices rose 6.65% in January, the Turkish Statistical Institute (TÜİK) said.

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 121.62% in January, far higher than official claims.

ENAG also said that prices in Turkey increased by 9.26% percent month-on-month in January.

Month-on-month the health category led the price rises with 18.35% in the official figure, followed by hotels, cafes and restaurants category, which rose 12.73%.

The health category also led the annual rise with 77.22%, followed by hotel, cafes and restaurants at 75.13% and food prices at 71.00%.

The domestic producer price index was up 4.15% month-on-month in January for an annual rise of 86.46%, the TÜİK said.

Turkish Finance and Treasury Minister Nureddin Nebati said that "the downward trend in inflation continues."

"Current data indicate that we have left behind the most challenging period in inflation and that the coming months will be much better," he said on Twitter.