Breaking news: March inflation announced! How much did inflation increase in March?

Breaking news: March inflation announced!  How much did inflation increase in March?

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Turkish Statistical Institute (TUIK) announced the consumer and producer price indices for March.

The change in CPI was 3.16 percent in March 2024 compared to the previous month, 15.06 percent compared to December of the previous year, 68.50 percent compared to the same month of the previous year and 57.50 percent according to the twelve-month averages. .

The main group that showed the least increase compared to the same month of the previous year was clothing and shoes with 50.10 percent. On the other hand, the main group with the highest increase compared to the same month of the previous year was education with 104.07 percent.

In terms of main spending groups, the main group that decreased in March 2024 compared to the previous month was alcoholic beverages and tobacco with -0.02%. On the other hand, the main group with the highest increase in March 2024 compared to the previous month was education with 13.08%.

Of the 143 basic headings covered in the index (Individual Consumption Classification by Purpose-COICOP 5-Level), as of March 2024, there was a decrease in the index of 14 basic headings, while the index of 8 basic headings remained unchanged. There was an increase in the index of 121 basic headings.

The change in CPI, excluding unprocessed food products, energy, alcoholic beverages and tobacco and gold, was 3.14% in March 2024 compared to the previous month, 14.86% compared to December of the previous year, and 71% compared to the same month of the previous year. It was 62.61% compared to .89 and twelve-month averages.

ŞİMŞEK: IT IS DECREASING IN LINE WITH EXPECTATIONS

Minister of Treasury and Finance Mehmet Şimşek, who shared a post on his social media account after the inflation figures were announced, stated that inflation decreased in line with expectations.

The expressions used by Minister Şimşek in his post are as follows;

Monthly inflation decreased in March in line with our forecast.

While additional tightening in monetary policy will contribute significantly to balancing demand, further increase in external financing opportunities will strengthen macro-financial stability.

All these developments, together with the fiscal policy that will tighten with spending control except for earthquakes, will anchor inflation expectations and support the disinflation process.

We will do whatever is necessary until we achieve our goal of price stability, which is our top priority.

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