Service PPI Falls to Levels Not Seen Since 2021

The Turkish Statistical Institute (TÜİK) has announced the Producer Price Index for Services (H-ÜFE) data for October 2024. According to the report, H-ÜFE experienced a 55.34% increase compared to the same month of the previous year. On a monthly basis, a 0.24% increase was observed.

The increase recorded in October manifested itself in varying rates across different service sectors. H-ÜFE rose by 49.26% compared to December 2024 and recorded a 72.04% increase based on twelve-month averages. These figures reveal the general trend of price fluctuations in the service sectors.

In the transportation and storage services, the annual increase was 49.46%. The H-ÜFE report shows that there was a 49.46% increase in transportation and storage services compared to the same month of the previous year, indicating a significant rise in prices in this area of the service sector. Similarly, there were increases of 59.03% in accommodation and food services, and 64.46% in information and communication services.

Professional, scientific, and technical services also drew attention with a price increase of 62.10%. Moreover, the report included annual increases of 58.06% in real estate services and 57.46% in administrative and support services. These data point to notable price increases across nearly all sub-sectors of the service industry.

On a monthly basis, transportation and storage services saw a decrease of 0.59%. Compared to the previous month, accommodation and food services experienced a decline of 1.83%. In contrast, information and communication services recorded an increase of 4.35%. This same growth rate also applied to professional, scientific, and technical services.

Real estate services noted a 1.83% increase, while administrative and support services reported a decrease of 1.36%. These figures indicate that the fluctuation in service prices varies from sector to sector, with prices falling in some areas.