Turkey: energy inflation rate by commodity 2024

The inflation rates of various energy commodities in Turkey skyrocketed in 2022. Energy price inflation peaked in June 2022 at 172.9 percent after climbing continuously from late 2020. August 2022 saw energy inflation drop somewhat, though energy prices were still 133 percent higher than they were that same month in the previous year. Gas and electricity price inflation have also seen significant increases in the period of consideration. However, since 2023 the energy price inflation rate has dropped compared to the previous year.

Harmonized index of consumer prices (HICP) energy inflation rate in Turkey from May 2019 to May 2024, by commodity

Characteristic	Energy	Gas	Electricity
Apr '24	40.6%	8.6%	1.9%
Mar '24	33.9%	13%	-13.4%
Feb '24	32.2%	12%	-13.4%
Jan '24	28.9%	13%	-13.4%
Dec '23	21.1%	-1.5%	-13.4%
Nov '23	13.1%	-13.8%	-13.4%
Oct '23	2%	-58.3%	-13.4%
Sep '23	1.2%	-69.3%	-13.4%
Aug '23	5.1%	-66.6%	3.9%
Jul '23	-12.6%	-72.7%	2%
Jun '23	-27.1%	-76.2%	2%
May '23	-18.1%	-72.4%	17.3%
Apr '23	13.1%	40%	17.3%
Mar '23	26.9%	69.8%	38%
Feb '23	42.3%	78.6%	24.6%
Jan '23	47.2%	81.8%	18.6%
Dec'22	91.8%	125.2%	101.6%
Nov'22	123.5%	132.9%	101.6%
Oct'22	137.4%	138.3%	101.6%
Sep'22	146.8%	145.3%	101.6%
Aug '22	133%	114.2%	68%
Jul '22	142.9%	113.2%	68%
Jun '22	172.9%	135.2%	93.2%
May '22	137.2%	98.6%	68%
Apr '22	135.9%	99.8%	68%
Mar '22	121.1%	67.7%	68%
Feb '22	97.2%	60.1%	86%
Jan '22	89.6%	55.7%	95.5%
Dec '21	48.8%	33.4%	22.1%
Nov '21	35.4%	27.5%	22.1%
Oct '21	27.5%	23.6%	22.1%
Sep '21	23.7%	20.5%	29.1%
Aug '21	22.3%	20.6%	29.1%
Jul '21	22.9%	19.8%	29.1%
Jun '21	17.1%	9.9%	12.3%
May '21	17.1%	10.3%	12.3%
Apr '21	18.1%	10.3%	12.3%
Mar '21	11.4%	6.5%	12.3%
Feb '21	7.3%	5.3%	12.3%
Jan '21	6.1%	4.8%	12.3%
Dec '20	4.1%	3.8%	5.8%
Nov '20	2.7%	3.6%	5.8%
Oct '20	2.4%	3.7%	5.8%
Sep '20	5.4%	4.4%	14.9%
Aug '20	8.8%	14.9%	14.9%
Jul '20	8%	26.6%	14.9%
Jun '20	9.1%	25.5%	32.1%
May '20	5.3%	25.2%	32.1%
Apr '20	3.1%	24.6%	32.1%
Mar '20	10.5%	27.8%	32.1%
Feb '20	17.3%	28.7%	32.1%
Jan '20	19.8%	29.3%	32.1%
Dec '19	14.6%	21.2%	18.9%
Nov '19	10.1%	19.8%	18.9%
Oct '19	8.4%	19.9%	18.9%
Sep '19	7%	25.7%	12.8%
Aug '19	10.7%	21.1%	23%
Jul '19	17.3%	16.4%	34%
Jun '19	13.6%	17%	16.5%
May '19	15.7%	17%	16.5%
Apr '19	17.3%	17.4%	16.5%
Mar '19	19.6%	17.8%	19.9%
Feb '19	17.1%	16.5%	19.9%
Jan '19	14.8%	15.4%	19.9%

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Release date

June 2024

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Region

Turkey

Survey time period

January 2019 to May 2024

Supplementary notes

According to the source, the Harmonized Indices of Consumer Prices (HICP) measure changes in the prices of consumer goods and services over time. These indices provide comparable measures of inflation.

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