Services PPI up 77% year-on-year in October
According to TurkStat data, the Services Producer Price Index (S-PPI) increased by 76.99 percent annually and 1.21 percent monthly in October. Turkish Statistical Institute announced the S-PPI results for October. Accordingly, S-PPI increased by 1.21 percent in October 2023 compared to the previous month, 74.08 percent compared to December of the previous year, 76.99 percent compared to the same month of the previous year and 77.10 percent compared to twelve-month averages. Compared to the same month of the previous year, there was an increase of 63.90 percent in transportation and storage services, 94.90 percent in accommodation and food services, 81.38 percent in information and communication services, 72.57 percent in real estate services, 92.53 percent in professional, scientific and technical services, and 95.10 percent in administrative and support services. Compared to the previous month, transportation and storage services increased by 1.61 percent, accommodation and food services decreased by 0.53 percent, information and communication services increased by 3.03 percent, real estate services increased by 0.36 percent, professional, scientific and technical services increased by 4.52 percent, and administrative and support services decreased by 1.54 percent. The highest increases in sectors were seen in motion picture, video, and TV production services. Among the H-PPI sectors, waterway transportation services with 16.32 percent, air transportation services with 41.67 percent, and storage and support services (for transportation) with 55.69 percent were the subsectors with the least increases in the indices. On the other hand, motion picture, video, and television program production services with 134.60 percent, building and environmental arrangement (landscaping) services with 128.75 percent, and advertising and market research services with 109.79 percent were the subsectors with the largest increases in the indices. According to the monthly H-PPI, 6 sub-sectors showed lower changes and 21 sub-sectors showed higher changes. Among the H-PPI sectors, accommodation services were the sub-sectors where the indices decreased the most with 10.53 percent, travel agencies, tour operators, other reservation services and related services with 8.37 percent, and air transportation services with 3.09 percent. On the other hand, programming and publishing services were the sub-sectors where the indices increased the most with 19.25 percent, advertising and market research services with 11.36 percent, and information services with 6.80 percent.