New Record! Turkey's Inflation Soars to 85.5% (YoY) in October 2022

The Turkish Statistical Institute (TurkStat) reported that Turkey's inflation rate in October 2022 increased by 85.51% compared to October 2021 (year-on-year/yoy).

October 2022's inflation rate reached 3.54% month-on-month. This means that the prices of goods in the country increased by an average of 3.54% last month compared to the previous month. Compared to December 2022, Turkey's inflation rose by 57.8% in October 2022 (year-to-date/ytd).

Clothing and footwear recorded the highest inflation last month, reaching 8.34% (m-to-m). This was followed by food and non-alcoholic beverages at 5.09% (m-to-m), and furniture and household equipment at 4.38% (m-to-m).

Meanwhile, the transportation and food expenditure groups recorded the highest annual inflation in October 2022. The weakening of the Turkish lira against the US dollar triggered high inflation in the country led by President Erdogan, as shown in the graph.

Furthermore, the impact of the Russian invasion of Ukraine caused prices of goods in Turkey to continue to soar, especially energy and food prices.

The following is Turkey's annual inflation by expenditure group as of October 2022:

* Transportation: 117.15% (yoy)
* Food and non-alcoholic beverages: 99.05% (yoy)
* Furniture and household equipment: 93.63% (yoy)
* Housing: 85.17% (yoy)
* Hotels, cafes and restaurants: 81.92% (yoy)
* Alcoholic beverages and tobacco: 77.88% (yoy)
* Durable goods and services: 75.29% (yoy)
* Health: 62.66% (yoy)
* Recreation and culture: 61.54% (yoy)
* Clothing and footwear: 941.3% (yoy)
* Education: 36.95% (yoy)
* Communication: 33.48% (yoy)