The Turkish Statistical Institute (TÜİK) announced the inflation rate for January 2020. The Consumer Price Index (CPI) rose by 12.15% year‑on‑year and by 1.35% month‑on‑month. Accordingly, in January 2020 the CPI (2003=100) increased 1.35% compared with the previous month, 1.35% compared with December of the previous year, and 12.15% compared with the same month of the previous year. The twelve‑month moving average rose by 14.52%.
By expenditure group, the largest monthly decline was recorded in clothing and footwear, which fell by 6.65%. Other groups showing monthly decreases in January 2020 included household furnishings (‑1.44%), communication (‑0.25%), and alcoholic beverages and tobacco (‑0.02%). TÜİK updated the CPI basket for 2020: the food products weight in the 2020 CPI basket was set at 22.77%, compared with 23.29% in 2019.
What Is the January 2020 Inflation Rate?
According to TÜİK data, the January 2020 inflation rate was 12.15% year‑on‑year and 1.35% month‑on‑month. Measured on the 2003=100 basis, CPI rose 1.35% versus the previous month, 1.35% versus December of the previous year, and 12.15% versus January of the previous year. The twelve‑month average increase was 14.52%.
Which Products Rose in Price in 2020?
Examining year‑on‑year changes by main groups, the groups with the smallest increases compared with January of the previous year were:
- Entertainment and culture: 5.66%,
- Clothing and footwear: 6.00%,
- Household furnishings: 7.51%.
Conversely, the groups with the largest year‑on‑year increases were:
- Alcoholic beverages and tobacco: 42.21%,
- Education: 15.11%,
- Miscellaneous goods and services: 15.01%.
According to CPI calculations, the largest monthly decrease in January 2020 occurred in clothing and footwear (‑6.65%). Other main groups that showed monthly declines included:
- Household furnishings: ‑1.44%,
- Communication: ‑0.25%,
- Alcoholic beverages and tobacco: ‑0.02%.
On the other hand, the main expenditure groups with the highest monthly increases in January 2020 were:
- Miscellaneous goods and services: 4.88%,
- Food and non‑alcoholic beverages: 4.65%,
- Health: 3.96%.
In January 2020 the index covered 418 items: average prices for 125 items fell, prices for 25 items remained unchanged, and average prices for 268 items increased.