AMED TIMES - The Inflation Research Group (ENAG), consisting of independent academics and economists, has shared the inflation data for the period July 2024 with the public.
According to the data released by ENAG, the Consumer Price Index (E-TÜFE) increased by 5.91% in July. In the last 12 months, an increase of 100.88 was recorded in the E-TÜFE.
ENAG had previously announced the inflation rate for June 2024 as 4.27%. During this period, the 12-month increase in E-TÜFE was recorded as 113.08%. These figures indicate that inflation continues to rise rapidly and the pressure on consumers is increasing.
Significant increase in the housing sector
Among the main expenditure groups, the highest inflation increase in July occurred in the housing category. This increase reflects the rapid increase in housing prices and rents. On the other hand, the smallest increase was recorded in the healthcare group. The relatively small increase in the healthcare sector shows that price increases in this category were less severe compared to other expenditure items.
Inflation in July in Istanbul
The preliminary indicators pointing to an increase in inflation in July were also noteworthy. In Istanbul, the Istanbul Wage Earners' Living Index, which reflects price movements in retail, rose by 4.21% compared to the previous month. During the same period, the wholesale goods price index, which reflects price movements in the wholesale price, increased by 1.04%. These figures show that there was an annual increase of 72.80% in retail prices and 55.12% in wholesale goods prices in Istanbul in July.
According to ENAG data, the rapid increase in inflation has a profound impact on consumer habits and economic balance. The increase in producer prices in addition to consumer prices leads to higher costs and, as a result, further price increases. Economists emphasise that tighter monetary policy is needed to control inflation.
