Page 21 - TURKRptSep21

In July, Turkey’s official domestic producer price index (PPI) was up 45% y/y. Official CPI was up 18.95%.
Real figures: “Sunflower oil in the country has increased by 60% y/y, while the prices of chicken and margarine grew 49% y/y. The price of eggs rose 27% y/y, while the price of bread moved up by at least 22% y/y.”
“Turkey’s inflation rate is higher than that of 172 other countries. With 19% [as the policy rate], Turkey ranks seventh in the world in terms of interest rates. The countries with higher interest rates are countries like Yemen, Surinam and Angola. Our league, in terms of both inflation rates and interest rates, is the league of the Third World countries marked by underdeveloped economies and constant political turmoil."
“Cement prices in Turkey have leapt to Turkish lira (TRY) 450 ($53) per tonne from TRY160 a year ago.”
According to Turkish statistical institute TUIK’s latest release on the domestic producer prices index (PPI), cement prices were officially only up 56% y/y in July.
“Construction material prices ranging across iron, cement, chipboard, fibre-board (MDF) and glass have jumped more than 100% on average, with some prices rising by 200-300%.”
“As of June, the USD/TRY pair was up 27% y/y while prices of main construction materials rose between 48% and 200%.”
TUIK’s construction materials costs index was officially up 54% y/y in June.
m/m, %
ENAG
Official
ENAG/Official
USD/TRY
Brent oil
Commodities (BCOM)
Sep-2020
3.61
0.97
3.72
5.02
-9.56
-3.36
Oct
2.56
2.13
1.20
8.15
-8.52
1.40
Nov
3.43
2.30
1.49
-6.19
27.04
3.50
Dec
4.08
1.25
3.26
-4.97
8.85
4.97
Jan-2021
2.99
1.68
1.78
-1.74
7.88
2.62
Feb
1.84
0.91
2.02
1.54
18.34
6.47
Mar
3.36
1.08
3.11
11.06
-3.92
-2.15
April
2.62
1.68
1.56
0.36
5.84
8.29
21 TURKEY Country Report September 2021 www.intellinews.com