Inflation in the service sector in Turkey broke a record by reaching 90%

Inflation in the service sector in Turkey broke a record by reaching 90%. The Service – PPI, which measures the price increase in goods and services produced in the service sector by the Turkish Statistical Institute, increased by 6.94% in the last month. The sector's cost in a year has also experienced an unprecedented increase of 90%. The biggest increase in May was in real estate services. Compared to the previous month, there was a 7.43% increase in transportation and storage services, 9.15% in accommodation and food services, 3.19% in information and communication services, 11.68% in real estate services, 5.16% in professional, scientific and technical services, and 6.34% in administrative and support services. The biggest price increases in the last year were in real estate and transportation. Compared to the same month of the previous year, there was a 259.02% increase in real estate services, 109.49% in transportation and storage services, 79.55% in accommodation and food services, 45.41% in information and communication services, 47.25% in professional, scientific and technical services, and 64.17% in administrative and support services. The disruptions in the logistics chain after the pandemic and fuel costs, along with the war, caused general inflation in the world and in Turkey. While costs in the service sector in the country are evident in all 19 subsectors, the items with the least annual price increases are; legal and accounting services 23.62%, telecommunication services 23.82%, and scientific research and development services 32.55%.