Page 15 - Turkey Outlook 2025

4.0 Inflation & Monetary Policy
Turkey’s consumer price index (CPI) inflation officially stood at 47.1% y/y in November versus 48.6% y/y in October, the Turkish Statistical Institute (TUIK, or TurkStat) said on December 3.
TUIK’s inflation series peaked at 75.45% in May. Subsequently, it quickly fell back to the 40%s thanks to the base effect.
The data compilation efforts of Turkey's infamous statistical institute remain under scrutiny, with few Turks believing the official inflation data. Putting out a headline figure of below 40% would perhaps prove a bridge too far even for TUIK.
At the official rate of 47% y/y, Turkey remains in sixth place in the world inflation league.
The Istanbul-based ENAG inflation research group of economists, meanwhile, calculated a Turkish inflation figure of 87% y/y for November. The ENAG figures recorded for May and October were 121% y/y and 90% y/y respectively.
TUIK also gave an official figure of 29% y/y for producer price index (PPI) inflation in November.
Central bank tracking monthly data
TUIK also posted monthly official inflation of 2.24% for November after releasing 2.88% for October.
Seasonally adjusted inflation figures were released at 2.93% for November and 2.53% for October.
In the coming months, TUIK is set to deliver further outcomes in the
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