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4.2 Inflation
It would be nice if the only abnormality in Turkey’s official data was the consecutive record spreads between the official consumer price index (CPI) and producer price index (PPI) inflation figures.
Turkish cement producers disputed claims that their prices have gone up by 200%. “Our input prices, such as electricity and imported coal, rose by 64% and 193%, respectively, in July from a year ago, while the dollar/TRY rate rose to 8.63 from 6.86. However, the increase in cement prices has remained below the increase in our costs,” said Turkcimento, the association representing the cement producers.
Official data from the national official statistics authority, TUIK, meanwhile, showed that the construction materials cost index saw only a 54% y/y increase in June.
Rent prices in Istanbul rose by as much as 50% y/y across the city in August. They also soared 32% in Ankara and 31% in Izmir. In Istanbul’s Rumeli Hisari area, which is a popular choice for students at Turkey’s prestigious Bogazici University, rental costs are by all accounts 290% y/y.
Turkey's natural gas distributor BOTAS raised natural gas prices for industrial use and electricity production by 15% as of September 1.
18 TURKEY Country Report October 2021 www.intellinews.com