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The inflation data for July has just been released. Accordingly, the Consumer Price Index (CPI) in July 2024 increased by 61.78% annually and 3.23% monthly. The calculation shows that the index increased by 28.76% compared to December 2024 and by 61.78% compared to the same month last year. When considering the twelve-month averages, the increase rate was 65.93%.
Changes in Main Spending Groups
Compared to the same month last year, the group with the least increase was clothing and footwear with 39.57%, while the highest increase was in education with 104.50%. In July 2024, the clothing and footwear group recorded a 2.58% decrease compared to the previous month. On the other hand, the housing group experienced an 8.08% increase compared to the previous month. This shows how consumer spending fluctuates in different areas.
Excluding unprocessed food products, energy, alcoholic beverages, tobacco, and gold, the change in CPI in July 2024 was 2.47% compared to the previous month, 28.48% compared to December last year, 60.31% compared to the same month last year, and 68.37% according to twelve-month averages. These data particularly highlight the increase in consumer spending outside of essential goods.
Annual and Monthly Change Rates
Among the 143 main items covered in the CPI index, 24 showed a decrease, and 4 showed no change. An increase was recorded in 115 main items. This indicates that prices have increased across a wide range. On a monthly basis, it was observed that all spending groups except the clothing and footwear group experienced increases in July 2024.
Education and housing expenditures stood out with notable increases in July 2024. The education group saw a very high annual increase of 104.50%, while the housing group experienced a monthly increase of 8.08%. These increases highlight how significant education and housing costs are in consumers’ budgets.
The Consumer Price Index data for July 2024 revealed how widespread and high price increases are in the economy. The fact that almost all spending groups, except for the clothing and footwear group, experienced significant increases is straining consumer budgets. Especially the record increases in education and housing expenditures underscore the seriousness of the problems awaiting solutions in these areas. In light of these data, consumers may need to plan their spending more carefully and consider savings measures.
