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CBRT published ‘Monthly Price Developments Report’

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The Central Bank of the Republic of Turkey has published the May Price Developments report for May inflation.

In the report, “Consumer prices increased by 2.98 percent in May, annual inflation increased by 3.53 points to 73.50 percent. In this period, the increase in consumer annual inflation spread across sub-clusters, and the most obvious contribution to this development came from core goods and services groups,” the report said. words were included.

In the report, which included the information that inflation in core goods clusters affected all sub-clusters, it was noted that the increase in service cluster was more evident in restaurants-hotels.

The information shared in the report, which includes the information that there was a ‘partial’ improvement in fresh fruit and vegetable prices, which had increased significantly in the previous month, due to the vegetable prices in this period, is as follows:

Consumer prices rose by 2.98 percent in May and annual inflation increased by 3.53 points to 73.50 percent . In this period, the annual rate of change in B and C indices increased by 4.43 and 3.67 points, respectively, and became 61.63 and 56.04 percent.

When the contributions of sub-clusters to annual consumer inflation are analyzed, the contributions of core goods, services, food, power and alcohol-tobacco-gold clusters are 1.11, respectively; 1.09; 0.48; It increased by 0.44 and 0.41 points.

When analyzed with seasonally adjusted information, the monthly increase decreased by a measure in B and C indices compared to the previous month. Monthly price increases slowed down in the processed food, services and core goods clusters that make up the B index.

Prices of services increased by 3.73 percent in May, and annual cluster inflation increased by 3.60 points to 45.78 percent. In this period, annual inflation followed a nearly flat course in transportation services, while it increased in other sub-clusters, more obviously in the restaurant-hotel cluster. Prices in the restaurant-hotel subset increased by 5.47 percent due to both food and accommodation services, and annual inflation increased by 7.57 points to 76.83 percent. While the prices of the other services subset rose by 2.97 percent, the package type item driven by the pilgrimages, which will start again after two years, came to the fore in this development. While price increases in transportation services (5.14 percent) spread to the general population, annual inflation in the sub-cluster remained flat at 78.16 percent due to the high base. Seasonally adjusted data indicate that monthly increases in rents have accelerated somewhat.

Annual core goods inflation increased by 3.74 points to 65.32 percent in May. Annual inflation increased in all sub-clusters in this period. Prices of solid goods (excluding gold) rose by 2.14 percent in May, while annual cluster inflation was realized as 76.75 percent. Furniture, car and white goods prices have been the determining factor in this development. While price increases in other basic goods spread throughout the cluster, cleaning materials related to housing, personal care items and materials for maintenance and repair of the housing came to the fore, and the monthly inflation of the cluster was 3.94 percent. The monthly price increase in the clothing and footwear cluster was 4.63 percent, and annual inflation rose 3.52 points to 29.27 percent.

Energy prices increased by 2.90 percent in May, and annual cluster inflation increased by 3.01 points to 121.21 percent. Mains water (6.48 percent) and TL-denominated oil prices and fuel oil (3.97 percent) prices were the main determinants of this development. While the increases in solid fuel prices continued in this period, a slight decrease was observed in bottled gas prices.

Food and non-alcoholic beverage prices increased by 1.63 percent in May, and annual cluster inflation increased by 2.53 points to 91.63 percent. While annual inflation in unprocessed food decreased by 3.06 points to 97.61 percent, it increased by 7.92 points to 86.01 percent in processed food. Seasonally adjusted information in the unprocessed food cluster indicates that the prices of fresh fruit and vegetables decreased due to the prices of vegetables, while the price increases in the other unprocessed food item were observed. In this cluster, red meat, white meat and milk, as well as rice and dried nuts attracted attention with their high contribution, while eggs were differentiated from other sub-items due to the decrease in price. Annual inflation rose to 90.69 percent as the prices of processed food, bread and cereals increased by 3.65 percent. While the monthly price increase in other processed foods was more evident, solid-liquid oils, tea-coffee, meat artifacts, sugar and related artifacts, especially cheese and other dairy artifacts, came to the fore in this cluster.

Prices of alcoholic beverages and tobacco products increased by 6.53 percent in May, and annual inflation rose to 66.62 percent. While price increases due to producer companies were the determining factor in this development, the contribution of this cluster to monthly consumer inflation was 0.28 points.

Domestic producer prices increased by 8.76 percent in May, and annual inflation increased by 10.34 points to 132.16 percent. Recent exchange rate developments, high levels of commodity prices and disruptions in supply chains adversely affected producer prices. When analyzed in terms of main industry clusters, annual inflation was almost flat in common goods, while it increased in other sub-clusters, especially the increase in power inflation. While price increases spread across sub-items, increases in electricity-gas production and distribution, other mining and quarrying artifacts, food artifacts, beverages, non-metallic mineral artifacts associated with the construction sector, and wood artifacts came to the fore. While electricity-gas production and distribution prices increased by 38.49 percent on a monthly basis, the increase in gas production prices was largely influential in this development.

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