In its fourth consecutive month of increase, Turkey's consumer price inflation reached its highest level in over a year in February, according to data released by the Turkish Statistical Institute.
In February, the consumer price index recorded a year-on-year increase of 67.07 percent, surpassing January's increase of 64.86 percent. This rate of inflation is the highest since November 2022, when prices had surged by 84.39 percent.
Looking into specific categories, there was a substantial increase in spending for hotels, cafes, and restaurants — an alarming 94.78 percent jump. Furthermore, transportation prices shot up by 77.98 percent. An increase was also seen in prices for food and non-alcoholic beverages, which spiked by 71.12 percent, and health-related costs, which climbed by 81.25 percent year-on-year.
On a month-to-month basis, consumer prices showed an increase of 4.53 percent in February, following a 6.70 percent rise in January.
In related data, the statistical office reported that producer price inflation grew to a five-month high of 47.29 percent in February, up from 44.20 percent in the previous month. On a monthly scale, producer prices increased by 3.74 percent, compared to a 4.14 percent rise in January.
