The producer price index (PPI), which measures changes in the price of goods and services from a producer perspective, rose in Turkiye by 15.34% in July, according to the data shared by the Turkish Statistical Institute (TurkStat) on Monday.
The index rose by 60.32% on an annual basis in July, while it soared by 45.66% compared to the reading from December last year.
Looking at the annual changes among the industrial sectors, prices for mining and quarrying surged by 54.26% and those for manufacturing grew by 60.43%.
The month-over-month changes in the two sectors of the industry were calculated as an increase of 15.34%.
When the annual changes of the main industrial groups are taken into account, an increase of 53.7% was recorded in prices of intermediate goods, 67.95% in durable goods, 62.4% in nondurable goods, 22.42% in energy and 72.44% in capital goods.
According to the annual PPI index, 10 subsectors changed lower and 15 subsectors displayed higher changes in prices, the data highlighted. In this context, the sectors that showed the least increase were calcined petroleum coke and refined petroleum products at 22.42%,metal ores at 41.56% and basic metals at 41.82%.
The PPI index reading comes ahead of an intense economic agenda with expected decisions on interest rates by the Central Bank of the Republic of Turkiye’s (CBRT) Monetary Policy Committee (MPC) during a meeting this week, the announcement of the economy’s second-quarter growth figures and the reading of the consumer’s confidence index.