Food Prices Lead Consumer Inflation Surge

November 3, 2026 · Bloomberg HT

According to Turkish Statistical Institute (TÜİK) data for October, annual inflation rose to 29.77%, with food products being the primary driver of the increase in the consumer basket.

October Inflation Data Announced

According to TÜİK data, consumer inflation in Turkey increased by 2.58% on a monthly basis in October, with annual inflation recorded at 29.77%. This result exceeded market expectations of 2.42% monthly and 29.59% annually, as per the Bloomberg HT survey. In September, monthly inflation was measured at 1.84% and annual inflation at 29.73%. Furthermore, core inflation for October was determined to be 28.28% on an annual basis. The announced data clearly indicated an acceleration in the pace of price increases for products within the consumer basket.

Food Prices Led the Increase

Food and agricultural products made the most significant contribution to the rise in consumer prices. According to TÜİK data, prices in the food and non-alcoholic beverages group increased by 27.73% annually, directly contributing 6.81 percentage points to overall inflation. The 3.50% monthly increase in the same expenditure group impacted monthly inflation by 0.84 percentage points. Transportation saw an annual increase of 36.39% and a monthly increase of 2.02%; housing experienced an annual increase of 40.24% and a monthly increase of 2.84%. While price increases occurred in 134 out of 174 sub-categories in the index, prices decreased in 29 groups and remained unchanged in 11 groups.

Producer Costs and Leading Indicators

With cost pressures persisting on the production side, the producer price index increased by 1.65% monthly and 27.41% annually in October. Leading indicators for price pressures in the market, such as data from the Istanbul Chamber of Commerce (İTO), also pointed to an acceleration in inflation in October. According to İTO data, monthly inflation in Istanbul climbed to 2.47% in October from 2.11% in September. Conversely, the city's annual inflation decreased to 32.47% in October from 33.55% in September. This scenario in inputs and retail directly concerns the food supply chain.

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