Millions of Civil Servants and Retirees Await Salary Increase Determined by Half-Year Inflation Data
The eagerly anticipated inflation data for June will be released on Wednesday, setting the stage for the determination of salary increases for millions of civil servants and retirees. The six-month inflation differential will be crucial in finalizing the July salary adjustments.
In May, the Consumer Price Index (CPI) rose by 3.37% compared to the previous month, 75.45% year-on-year, and 62.51% on a 12-month average basis. The June figures, to be announced by the Turkish Statistical Institute (TUIK), will complete the inflation data for the first half of the year.
According to the Central Bank’s June market participants survey, the year-end consumer inflation (CPI) expectation has slightly decreased from 43.64% to 43.52%. The 12-month ahead CPI expectation also dropped from 33.21% to 31.79%, while the 24-month ahead expectation fell from 21.33% to 20.33%.
So far, the CPI has seen monthly increases of 6.70% in January, 4.53% in February, 3.16% in March, 3.18% in April, and 3.37% in May.
The upcoming inflation figures will determine the salary hikes for civil servants and retirees, which are calculated based on collective bargaining agreements and inflation data.
Source: Dunya.com / Prepared by Irem Yildiz