Turkey's independent academics announce annual inflation rate as 170 percent

Turkey's Inflation Research Group (ENAG), founded by a group of independent academics, has announced the country's annual inflation rate as 170.70 percent in November, far higher than the official figure of 84.39 percent.

Duvar English

Turkish annual inflation rose 84.39% in November, official data showed on Dec. 5. This figure came after the inflation rate climbed to its 24-year high of 85.51% in October.

Month-on-month, consumer prices rose 2.88% in November.

In the last four months, the central bank slashed its policy rate by a total of 500 basis points to 9%.

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 170.70% in November, far higher than official claims. ENAG also said that prices in Turkey increased by 4.24% percent month-on-month in November.

Month-on-month the food category led the price rises with 5.75%, followed by alcoholic beverages and tobacco, which rose 3.19%.

Transportation, which includes petrol prices, led the annual rise with 107.3%, followed by food prices at 102.55% and furniture and household equipments at 92.83%.

The domestic producer price index was up 0.74% month-on-month in November for an annual rise of 136.02%.

The government's economic programme prioritises low rates to boost production and exports with the aim of achieving a current account surplus.