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The coronavirus epidemic, which stops the wheels of the economy, in addition to spending on food and medical care, continues to fuel the cost of living. The Consumer Price Index (CPI) was 10.94 percent annually and 0.85 percent monthly.
The quarantine days combined with the month of Ramadan led to high increases in food prices. Food prices also increased from 10 percent to 11.28 percent annually, due to monthly inflation of 3.65 percent on raw foods.
Turkish Statistical Institute (ETI), in April announced the inflation rate yesterday. Consequently, the CPI was 10.94 percent annually and 0.85 percent monthly. The national producer price index (D-PPI) increased 1.28 percent per month, falling to 6.71 percent per year.
After the sharp drop in oil, energy prices fell to 5 percent a month and 3.3 percent a year. The data showed that the largest price increase compared to the same period last year was 31.32 percent for alcoholic beverages and tobacco.
The increase in various groups of goods and services was 20.34 percent, while the increase in house prices was 14.52 percent. There was a 12.86 percent increase in health, 12.55 percent in restaurants and hotels, and 12.35 percent in education prices.
On the other hand, other main groups, where the increase was less compared to the same month the previous year, were clothing and shoes with 4.90 percent, entertainment and culture with 4.91 percent, and transportation with 5.54 percent, respectively.
INCREASED PRICES IN CLOTHING
In April, the groups with high price increases were various goods and services with 4.66 percent, clothing and shoes with 4.08 percent, and food and soft drinks with 2.53 percent, respectively.
Core inflation, which was 10.49 percent in March, increased rapidly and reached 11.27 percent in April. The increase in not being included in energy, food and gold prices indicated that annual price increases continue.
Urgent action must be taken after Corona
CHP İzmir deputy economist Selin Sayek Böke said consumer habits have changed as a requirement for protection against the coronavirus. “The inflation basket consists only of our basic needs. We didn’t get on the plane, we didn’t go to the barber, we didn’t buy clothes if it wasn’t urgent.
But we had rent, we needed to put food on the table, the educational needs of the children changed, we had to fulfill it. From this perspective, inflation is 11.28 percent in food.
“Policymakers should read this data to make it necessary to return to agriculture and return to production so as not to face a post-crown food crisis.” Böke said: “If inflation has reached this point at a time when the crown has reduced demand so much and oil prices have plummeted, urgent action must be taken after the crown.
When demand reactivates, production will restart and everything will be more difficult in terms of inflation when the cost shock of the jump in the exchange rate becomes a reality. ”
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