As of September 2022, it is anticipated that the Minimum Expenditure Basket (MEB)1 will cost TRY 1,083 per person per month, an increase of 73 percent from TRY 626 TRY in September 2021, a WFP bulletin states.
The inflation rate is 83.5 percent as of September 2022, and the inflation rate for food is 93.1 percent.
The value of the Turkish lira is continuing to decline. The typical exchange rate in September 2022 is 18.3 TRY/USD.
The Turkish economy expanded by 7.6 percent in the second quarter of 2022, primarily due to exports and domestic spending.
After declining for more than a year to 9.8 percent in August 2022, the jobless rate climbed to 10.1 percent in September 2022.
Inflation
After rising to 79.6 percent and 80.2 percent in July and August, respectively, the annual inflation rate increased to a new record high of 83.5 percent in September 2022, the highest level since July 1998. 17 Since May 2021, the yearly inflation rate has been lower than the inflation rate for food. Due to the base point effect, it dropped from 94.7 percent in July to 90.3 percent in August. It did, however, rise once more in September, to 93.1%. The increase in transportation costs, which in the past three months has varied from 116 to 119 percent, has continued to add to the annual inflation rate.
The monthly inflation figures show price rises across all industries.
Food Prices
By using prices for common food items gathered from TurkStat, the World Food Programme determines the minimal price of a nutritionally balanced food basket for Turkish citizens. However, the most recent data is from April 2022 owing to TurkStat’s methodology modification. The monthly adjustments are taken into account for the computation to estimate the cost of the food basket as TurkStat continues to supply statistics on food inflation. The quarterly inflation rates for food in Q3 2022 are 3.15 percent in July, 0.85 percent in August, and 1.97 percent in September.
Using these numbers, it is predicted that a food basket will cost TRY 467 per person per month.
