The February 2020 inflation figures have been released. The Turkish Statistical Institute (TÜİK) publishes monthly inflation data for the previous month, and it has announced the figures for February 2020. Inflation figures—whether monthly, yearly, or weekly—are closely monitored by markets and households alike. These monthly indicators are important for the country’s economic planning and public discussion. With March now under way, the February inflation data are being analyzed for their implications across many areas of the economy.
TÜİK releases inflation figures in the first week of the month following the measurement period. As the month draws to a close, many people watch closely to see what the upcoming announcement will show. In simple terms, inflation means a general rise in the prices of goods and services. While individual items may increase or decrease in price over time, inflation refers to a sustained overall upward movement in the general price level rather than isolated price changes for a few products.
What Are the February 2020 Inflation Figures?
The Turkish Statistical Institute has published the February 2020 inflation figures. The main released indicators are summarized below.
- Consumer Price Index (CPI, TÜFE): Annual change +12.37%, monthly change +0.35%.
- CPI (2003=100) for February 2020: monthly change +0.35% compared with the previous month.
- The lowest annual increase by expenditure group was in Communications at +2.27%.
Other groups with the lowest annual increases, in order, were:
- Clothing and Footwear: +5.98%
- Recreation and Culture: +6.01%
- Household Goods: +7.36%
The highest monthly increase by group was recorded in:
- Clothing and Footwear with a monthly rise of +4.83%.
Other groups that showed a decline in February 2020 included:
- Alcoholic Beverages and Tobacco: -1.34%
- Transport: -0.38%
- Communications: -0.22%
Groups with the largest monthly increases in February 2020 included:
- Food and Non-Alcoholic Beverages: +2.33%
- Health: +2.03%
- Education: +0.86%
According to the CPI main expenditure groups, February 2020 monthly changes were observed across the 418 items covered in the index: average prices fell for 146 items, remained unchanged for 24 items, and rose for 248 items. The special scope CPI indicator (B) rose by 11.10% year-on-year, while its monthly change was flat.
According to the Central Bank Expectations Survey, the year-end inflation expectation has increased to 10.06%. Survey participants’ year-end exchange rate expectation for the US dollar changed from 6.4079 TRY last month to 6.4485 TRY for the current month.