Turkish Statistical Institute Releases May Inflation Figures in Last-Minute Announcement
Inflation figures for May 2023 have been released, showing a 0.04% increase in the Consumer Price Index (CPI) compared to the previous month. However, compared to December of the previous year, there was a significant increase of 15.26%. Furthermore, compared to the same month of the previous year, the CPI increased by a staggering 39.59%. The twelve-month average was recorded at 63.72.
Analysis of the main expenditure groups revealed that clothing and shoes had the highest increase of 68.98% compared to the same month of the previous year. Meanwhile, housing had the least increase in May 2023 compared to the previous month with 13.79%.
Looking closer at the CPI trends, excluding unprocessed food products, energy, alcoholic beverages, tobacco and gold, the CPI increased by 3.60% compared to the previous month, 19.51% compared to December of the previous year, and a massive 47.70% compared to the same month of the previous year. The twelve-month average for this special CPI indicator was 60.94%.
The CPI is calculated based on the Individual Consumption Classification by Purpose (COICOP) Level 5. Out of the 143 main titles covered in the index, the index of 25 main titles decreased, while the index of 8 main titles remained unchanged. However, there was an increase in the index of 110 basic titles.
The reported inflation figures may have significant impacts on various sectors of the economy, including employment and financial markets. It remains to be seen how these figures will affect the overall performance of the economy in the coming months.
