DİSK-AR: Prices continue to increase! Food inflation for the poor is 110 percent – Last Minute Economic News

DİSK-AR: Prices continue to increase!  Food inflation for the poor is 110 percent – Last Minute Economic News

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Turkish Statistical Institute (TUIK) announced March consumer inflation figures. While inflation was 3.16 percent monthly in March, it rose to 68.50 percent annually. Annual food inflation was 70.41 percent in March.

Confederation of Revolutionary Trade Unions Research Center (DİSK-AR) said in a statement following the inflation data, “TUIK announced food inflation as 70.41 percent in March 2024. However, this inflation rate is far from reflecting the real inflation felt by the public.” He noted that food inflation for the poor 20 percent income group was 110.6 percent.

FOOD INFLATION OF THE POOR

The statement included data from DİSK-AR’s research.

According to the calculation made by DİSK-AR using TUIK data, food inflation was 70.4 percent on average, while food inflation among retirees was 86.5 percent.

While the food inflation of the third 20 percent income group was 80.3 percent, the food inflation of the second 20 percent low-income group was 92 percent and the food inflation of the poorest 20 percent income group was 110.6 percent.

The research report stated that “high income groups seem to feel lower inflation.” It was noted that the food inflation of the fourth (high) 20 percent income group was 67.3 percent, while the food inflation of the highest income group was 51.3 percent.

“Thus, while the food inflation of the poorest income group was 111 percent, the food inflation of the highest income group remained at 51 percent. This reveals that inflation is felt significantly differently according to income groups, different social segments and classes,” the report said.

FOOD PRICES INCREASED 27.9 TIMES

In the statement comparing 2005 and 2024 data, it was stated that the difference between food inflation and general inflation has begun to widen in recent years and the following was noted:

The CPI index, which was 115 in March 2005, increased to 2,139 in March 2024.

The food price index, which was 113 in March 2005, increased to 3,150 in March 2024.

Thus, CPI has increased by 18.6 times since 2005; Food prices have increased 27.9 times since 2005.

The annual inflation rate, which was 7.9 percent in March 2005, reached 68.5 percent in March 2024. Annual food inflation, which was 4.83 percent in 2005, increased to 70.41 percent in March 2024.

On the other hand, the gap between food inflation and general inflation has begun to widen in recent years. The food price index, which remained the same as the CPI in March 2005, rose 1,011 points (47.3 percent) above the CPI in March 2024.

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