WALL – According to inflation data released by Turkey’s Statistics Bureau for May, it rose 2.98 percent monthly and reached 73.50 percent on an annual basis. Inflation thus reached its highest level in the last 24 years. The fact that TURKSTAT did not release the basket data for May inflation caused reactions.
İbrahim Demir, vice-president of the Turkish Institute of Statistics, argued that the change in the consumer price index tables had been removed for “transparency reasons”. Demir explained that the statistical offices of the member countries of the European Union and the developed countries respect the level of transparency when publishing price statistics. Demir also explained that this would allow users to more accurately read and follow price movements in the market.
According to the news in AA, Noting that some precautions have been taken regarding the presentation and content of the tables concerned, which allow users to read and follow the price movements in the market more closely, Demir said: “In addition to Eurostat’s distribution policy and the transparency criteria for the CPI data, practices in EU member countries and developed countries’ statistical offices Analysis reveals that TÜİK aims to use this regulation to conform to the price, weight, index publication status and disclosure deadlines for CPI newsletters of 33 countries to adjust.
33 COUNTRIES DO NOT SHARE PRICE INFORMATION
Looking at countries’ status in declaring CPI item prices, it was found that half of 33 countries did not share any price information at all, and about 27 percent disclosed the monthly average price information of selected items and homogeneous substances in the Czech Republic, the weekly prices for published selected substances, it states that the shared prices belong to the barcode data.”
“Turkey will continue to announce the prices of selected items at the 5 level”
Demir continued: “When countries’ price release status is examined, 17 share no information, 9 share monthly average of selected items, 1 share weekly average of selected items, 3 share only fuel prices and 3 share annual average of selected items with the public admit. Turkey will continue to post prices of selected items at the 5th level instead of item prices.”
Discussing the release status of weight data by country, Demir continued: “Looking at the share of countries’ CPI weights, it shows that 45 percent of 33 countries release weight information at the COICOP 5 level, and 36 percent at the level by COICOP 4. There are only 3 countries, namely France, Luxembourg and Austria. The data from countries with their own classification such as Australia, USA and Canada are reconciled according to the corresponding COICOP level, while Austria discloses its weights at COICOP 10 (COICOP 5 for automobiles and similar products), which does not cover all of its products.15 of the countries explain according to their published weight levels the COICOP 5 level, 12 of them explain the COICOP 4 level, 3 of them explain the COICOP 2 level, and one each declare the COICOP 10, COICOP 6 and COICOP 8 levels .”
When examining the index levels announced by countries, Demir said that the sharing of index information at COICOP levels 4 and 5 will be intensified.
“SOME COUNTRIES SHARE CPI FORECAST INFORMATION”
Demir explained that when analyzing the release periods of countries’ CPI news bulletins, it can be seen that they usually release their bulletins 10 to 15 days after the end of the reference month and that some countries share CPI forecast information in the last days of the reference month.
Examining the release status of the CPI data for Germany, France, Italy, Spain and Turkey, Demir pointed out that all countries released the item basket and item index values and noted that no country published item prices. (NEWS CENTER)
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