inflation, Turkish lira

Inflation in Turkey approached 85% in September

In the last year, prices in Turkey have risen 85% in housing, 93% in food, and 40% in clothing and footwear.

Inflation in Turkey approached 85% during the month of September, according to data published this Monday by the Turkish Statistical Institute (TÜİK), which confirm that the CPI went from 80.2% in August to 83.45% last month.

The cost of housing increased by 9.9% in September compared to the previous month, with a rise of 84.67% when compared to September 2021, while education became more expensive between August and September by 6.99%, communications 3.4%, hotels and restaurants 2.43%, food and non-alcoholic beverages 1.97%, and clothing 1.46%.

If compared with the data from a year ago, the increase in the price of food accumulated in September is 93%, while clothing accumulates a price increase of 40.3% in the last year.

The rising prices is one of the main problems currently facing the Turkish economy, aggravated by the rise in energy and food imports due to the war in Ukraine. The Turkish Central Bank, which despite everything maintains a policy of low interest rates, forecasts that by the end of 2022 year-on-year inflation in Turkey will be around 60.4%, although it is not ruled out that it will have to review again this rising figure.