TEPAV: While Food Prices Rise in December 2024, the Rate of Increase Begins to Slow Down

Forex - The Turkey Economic Policy Research Foundation (TEPAV) announced the food price index data for the period of December 2024. According to this data, food prices increased by 1.34% in December, showing a slowdown in the upward trend that has been ongoing for the past three months. As of December 2024, the annual food inflation was calculated to be 38.5%.

In December, among the products with the most significant price decreases in the fresh fruit and vegetable category were zucchini, quince, and kiwi; meanwhile, distinct price increases were observed in products such as red cabbage, eggplant, and pomegranate. Furthermore, price increases were notable in fish, honey, and powdered desserts besides fresh fruits and vegetables. On the other hand, price declines were observed in ready-made milk desserts, pumpkin seeds, and wheat flour.

The study was also compared with other inflation indicators. Turkish labor union Türk-İş reported a kitchen inflation increase of 2.54%, while the Istanbul Chamber of Commerce (İTO) Living Index (ÜGE) recorded an increase of 0.93%. As of now, no food inflation data has been released by TÜİK or ENAG.

As of December 2024, the annual food inflation calculated with the TEGE is 38.5%, while it stands at 45.5% with Türk-İş kitchen inflation and 46.9% with İTO-ÜGE.