Turkey’s annual inflation witnessed notable increase by nearly 10%

Turkey’s annual inflation rose to 10.68 percent in August, compared to 9.79 percent in July. Turkish Statistical Institute report showed that the highest monthly rise was in the education sector (2.79 percent) in prices as the new scholar year approaches, then the transportation sector (2.05 percent) followed by equipment and furniture (1.66 percent), hotels and restaurants (1.03 percent) and housing and diverse services (0.71 percent).

The sectors of clothes and shoes and non-alcoholic drinks dropped the most with 3.09 percent and 0.22 percent, respectively. As for the highest annual rise, it was in the transportation sector (17.38 percent), then the non-alcoholic drinks (11.97 percent), health (11.66 percent) entertainment and culture (11.19 percent) and finally hotels and restaurants (11.07 percent).

Turks have spent TRY377 billion (USD109 billion) on shopping via credit and banking cards between January and July 2017. Soner Canko, CEO of Interbank Card Center (BKM), said that Turks spent in six months TYD38 billion (USD11 billion) on shopping via banking cards and TYD339 billion (USD98 billion) via credit cards.

Canko added that there are 60.008 million credit cards and 125,002 million banking cards in Turkey.

Statistics revealed that there is an increasing tendency to e-trade on a wide-scope in Turkey in the recent period for several reasons including the facilities provided by banks to get a credit card – up to 40 percent of Turkey residents have credit cards and 47 percent prefer to purchase online.

In a related matter, a survey on firms showed on Tuesday that the transformational industries sector in Turkey have witnessed the strongest comprehensive growth in August since March 2011 while production, new demands, purchases, and recruitment continue to grow as well.