Inflation basket updated

Turkish Statistical Institute (TUIK) updated the inflation basket. While 418 items and 897 item types are taken into account in the basket as of January, inflation figures are determined by compiling 553 thousand 64 prices from 28 thousand 19 workplaces and 4 thousand 274 residences.

According to the statement made by TÜİK, the CPI basket and item weights were updated by taking into account the “Purpose-Oriented Individual Consumption Classification” (COICOP) in order to make international comparisons in the 2020 Consumer Price Index (CPI) calculations.

In this context, 418 items and 897 item types began to be covered in the CPI in 2020. Every month, 553 thousand 64 prices will be compiled from 28 thousand 19 workplaces and 4 thousand 274 residences. The application went into effect in January.

Price compilation frequency doubled

Within the scope of CPI, the price compilation period is carried out more frequently for products with high price mobility. In order to better capture price movements, the compilation frequency of prices, which was once a month, was increased to twice. Thus, the number of monthly prices, which was 545 thousand, reached approximately 553 thousand.

The frequency of compilation of prices varies between 2 times a month, 4 times a month and daily. The periods in question were determined as once a week and 4 times a month for fresh vegetables and fruits, bottled gas, LPG, football match entrance fee and selected food products in order to capture the price differences that may occur during the month. Prices of cigarettes, gasoline-diesel oil and gold will be compiled daily, and all other types of items will be compiled twice a month.

Prices of beef, lamb, chicken meat, milk, yoghurt, white cheese, eggs, margarine, sunflower oil, olives, granulated sugar, tea, fresh fruits and vegetables will be compiled four times a month.

Source: https://www.aa.com.tr/tr/ekonomi/enflation-sepeti-guncelletti/1722716

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