Türkiye’s service inflation records first decrease in three years

The Turkish Statistical Institute reported on Tuesday that the service producer price index decreased by 0.76% in November compared to the previous month while showing a 53.44% increase year-on-year.

This marks the first monthly decline in the index since September 2021.

• Compared to October, transportation and storage services recorded a 0.54% decrease, accommodation and food services dropped by 2.25%, information and communication services rose by 2.49%, real estate services fell by 5.42%, professional, scientific, and technical services increased by 0.87%, and administrative and support services saw a 1.63% decline.

• By year-on-year, transportation and storage services increased by 47.10%, accommodation and food services rose by 55.20%, information and communication services climbed by 64.72%, real estate services showed a 52.20% increase, professional, scientific, and technical services grew by 63.31%, and administrative and support services recorded a 56.81% increase.

Türkiye’s inflation also dropped to 47.09% in November as TurkStat reported on Dec. 3, paving the way for the Central Bank of the Republic of Türkiye’s 250 basis-point interest cut after a 2 years hiatus on Dec. 26.