According to Inflation Research Group's (ENAG) data the rate of annual inflation in Turkey was at 44.70%. However, the Turkish Statistical Institute (TÜİK) data showed the rate of annual inflation at 19.58%.
According to data presented by ENAG Turkey is seeing hyperinflation. According to ENAG the rate of monthly inflation showed as increase of 2.89%, the annual inflation showed a rise of 44.70%. The monthly increase in the housing sector was recorded at 9.74%. Whilst the rate of increase in clothing and footwear was set at 13.45%.
THE CENTRAL BANK CALLED IT THE ‘KERNEL INFLATION, BUT THAT ROSE TOO
According to the date presented by TÜİK the rise in monthly inflation recorded in the month of September was 1.25%. The rise in inflation compared to the same quarter last year was 19.58% higher.
The rate of kernel inflation which the Central Banks (TCMB) monetary policy committee base their decisions on rose to 17.0% from 16.8% year on year, despite expectations of a decline. The central bank used the rate of kernel inflation to justify their decision to reduce the interest rates.
EVEN TUIK SAW A SURGE OF INCREASED PRICING
According to TÜİK figures, the following food items saw a rise in prices over the past year:
| FOOD ITEM | RATE of INCREASE (%) |
| Eggs | 70 |
| Tomatoes | 70 |
| Chicken | 69 |
| Potatoes | 58 |
| Vegetable oil | 52 |
| Lentils | 50 |
| Vegetable spread | 50 |
| Chickpeas | 42 |
| Corn oil | 40 |
| Dairy products | 34-35 |
| Processed meats | 35-38 |
| Fish | 30 |
| Pasta | 28.5 |
| Bread | 38 |
| Beef | 25 |
ON ITS WAY TO REACH THE TOP IN WORLD INFLATION FIGURES
Turkey’s inflation figures rank 8th in the ranking of the countries with the highest inflation in the world.
Venezuela has the highest inflation in the world, it is battling deep economic crisis and its annual inflation is close to 3,000 percent. In Sudan, which saw the 30 years of dictatorial rule coming to an end with the intervention of the military, inflation was recorded at 388 percent, while in Lebanon, which is in conflicts with Israel, inflation is at 138 percent.
Suriname which is a country battling political and economic crisis, where the vice president is wanted by Interpol, is recording an inflation of 58.9 percent.
The inflation is Syria, which is a warfare, is at 52.4%. The countries which rank 6th and 7th are Zimbabwe and Argentine which have both been battling financial and economic crisis for the past few years.
TURKEY HAS SURPASSED IRAN IN HYPERINFLATION
According to ENAG figures Turkey takes its place right after Argentine with 44.7% of inflation, making Turkey number 8 in world rankings of the highest inflation. Following Turkey at number 9 is Iran with an inflation rate of 43.7%. Iran’s economy is subjected to heavy embargoes imposed by the USA. (EVRENSEL DAILY)
Bülent Falakaoğlu
Hakkı Özdal
