Türkiye - Consumer Price Index (CPI)

For Turkiye, the Consumer Price Index (CPI) measures the changes the current retail prices of commodities purchased by a group of consumers over a given time period. 2003 based CPI is aimed to calculate the inflation rate by using the change of the prices of goods and services existed in the market. For this purpose, expenditures of households, foreign visitors, constitutional population and all the final monetary expenditures are taken into account. This concept left the owner occupied housing and expenditures from household production out of the coverage from the consumption expenditures.

• Classification: COICOP
• Measurements:
  • Fixed-base index relative to 2003 (Index 2003=100)
  • Percentage change a year ago (% change year ago)
• Adjustment: Not seasonally adjusted (NSA)
• Native frequency: Monthly
• Start date: as early as 1969m1, but most at 2003m1
• Geo coverage: Country

Turkey's Consumer Price Index data are processed only by the Turkish Statistical Institute.

In determining the weights and calculating the index, Target Based Individual Consumption classification (COICOP) is used and according to this classification expenditures are organized in 44 sub-groups and 12 major groups. 447 commodities are used in the compilation of the index.

There are no important differences between Turkey's methodology reported in the EUROSTAT and relevant international or regional standards.

Continuous Household Budget Survey conducted by the Turkish Statistical Institute (TURKSTAT) among approximately 25,000 private households of all socio-economic groups, tourism survey and constitutional population expenditure survey.

In 2003=100 based CPI, all of the final monetary consumption expenditures made for the consumption of goods and services in the domestic markets are taken as bases. In the index 81 city centers and 72 administrative district centers are included. 330,000 prices are compiled from 23,000 outlets in a month and 3826 renters are included in the scope of the index.

In 2003=100 based CPI, all of the final monetary consumption expenditures made for the consumption of goods and services in the domestic markets are taken as bases. In the index 81 city centers and 72 administrative district centers are included. 330,000 prices are compiled from 23,000 outlets in a month and 3826 renters are included in the scope of the index.

All of the final monetary consumptions of the households, foreign visitors and constitutional population are taken into account.

Price coverage of index is constituted of purchasing prices. The prices of goods and services included within the index are retail prices including taxes but excluding any deposits and installments.

Item baskets and the weights are updated at the end of every year and chained with the Laspeyres formulation. Every year in December new goods and services are added in the basket, goods and services which lost their importance are taken out and renewed weights are used in the calculation of index. Index is calculated by dividing current prices to the prices of previous December, which is “new price reference period (po)”, and then chained by multiplying it with the index numbers of December.

Data sources include Household Budget Survey, Constitutional Population Expenditure Survey and Tourism Survey.   Prices of fresh fruit, vegetables, and petroleum products are collected once a week; other prices are collected twice a month and rents are collected once a month.   Data are not seasonally adjusted.

Results of the CPI are announced to the public on the 3rd working day of the month at 17:00 with a news bulletin.

Moody's Analytics supplements

For three series (the general index, the index for maintenance and repair of the dwelling, and the index for actual rents for housing) we back-extend history prior to 2003. For each, we construct a seasonally adjusted counterpart using the U.S. Census Bureau's X-13ARIMA-SEATS program.

Further reading

At IMF (SDDS):

• Price index: Consumer prices