Consumer inflation in Turkey in September increased by 3.08% compared to the previous month, by 52.40% compared to December last year, and by 83.45% compared to the same month of the previous year. At the same time, annual inflation was a shocking 186.27%. Such data were provided by the Turkish Statistical Institute (TUIK).
At the same time, the areas that are of interest to tourists and emigrants are in the first place in terms of price growth. These include accommodation, transport, food and beverages, and as a result hotels and restaurants. According to data published by TÜIK, September inflation increased by 59.91% compared to the 12-month average.
The largest increase in prices in September was observed in the housing sector – an increase of 9.9%. The undisputed leader in terms of annual price increase was transport and transportation – 117.66%, followed by food and soft drinks – 93.05%, household goods – 89.68%, and housing – 84.67%. All this is taken into account by the Turks when setting prices in hotels and restaurants.
How much have hotel prices increased?
For restaurants and hotels, inflation increased by 2.43% compared to the previous month, by 55.4% compared to December last year, by 81.34% compared to the same month a year earlier, and by 61.85% compared to the 12-month average.
On the other hand, the Inflation Research Group (ENAG) announced that the monthly inflation in the country was 5.3%, and the annual inflation looks shocking – 186.27%.
Annual inflation in Turkey hit a new 24-year high of 83.45% in September, according to Reuters data. This comes after the central bank surprised markets by cutting rates twice in the past two months. And it seems that this is not the limit of the fall of the currency. Despite rising prices, the key rate is expected to be cut again this month, with President Erdogan calling for single-digit interest rates by the end of the year. A rate cut will once again fuel inflation in the country and further weaken the Turkish lira.