Inflation on an annual basis in Turkey was recorded at 67.07% in the month of February, according to the official data announced by the Statistical Service of Turkey (TUIK). On a monthly basis, inflation in Turkey “runs” at 4.53%.

However, the reliability of the official Turkish Statistical Service’s data is widely questioned by economic circles and the opposition. The independent institute ENAG (Inflation Research Group), which consists of various economists, academics, calculated the increase in the Consumer Price Index on an annual basis to 121.98%.

In January, annual inflation was recorded by TUIK at 64.86% and from ENAG at 129.11%.

According to TUIK, the highest annual increase with 94.78% noted in the catering and hospitality industry, training with 91.84% and health with 81.25%.

Annual inflation in the food and non-alcoholic beverages sector was recorded to 71.12% (8.25% on a monthly basis). Turkey continues to be one of the countries with the highest food inflation rates in the world. Turkish economic analysts point out that nine of the ten products with the biggest price increase in February were food.

Speaking to Habertürk and Bloomberg HT, Turkey’s Finance Minister Mehmet Simsek said the inflation trend is in line with the economic program being implemented. It said that “inflation was slightly high in January. It may continue in February. From March, inflation will stabilize on trend, but annual inflation will remain high.”