Price level index for consumer goods and services in Turkey is 60
Price level index is an indicator of purchasing power of national currencies according to currency conversion rates. If a country’s price level index is higher than 100, the country concerned is relatively “expensive” to the average of compared country group and if it is lower than 100 than it is relatively “cheap” against the same compared group.
Price level index for consumer goods and services in Turkey was 60 in 2016. This figure represents the same basket of goods and services purchased for the cost of 100 Euros in total of 28 European Union (EU) countries, could be purchased for 60 Euros in Turkey.
The country groups included in the comparison were the 28 member states of European Union, 3 European Free Trade Association (EFTA) countries (Switzerland, Iceland and Norway), 5 candidate countries (Turkey, the Former Yugoslav Republic of Macedonia, Montenegro, Serbia and Albania) and 1 potential candidate country (Bosnia and Herzegovina).
Most expensive country in consumer goods and services was Switzerland
Switzerland had the highest price level indices with 161, whereas Macedonia had the lowest with 46 among of 37 countries included in the comparison programme.
Price level indices for consumer goods and services, 2016
The highest price level index in Turkey was in personal transport equipments
For sub-groups of consumer goods and services, Turkey had the highest price level index in personal transport equipments sub-group with 107 and means that, Turkey was 7% more expensive than EU average.
In other sub-groups; the price level index of Turkey was relatively higher than other groups for consumer electronics indices with 99. On the other hand, price level index of Turkey was lower than other groups for restaurant and hotels index with 68. For clothing group, Turkey had an index with 62, which is the lowest index among the all countries included in the comparisons.
Price level indices for consumer goods and services and sub-groups(1), 2016
Definition of the product groups given below;
Food and non-alcoholic beverages: Bread and cereals, meat, milk, egg, fruits, vegetables, water, juices and non-alcoholic beverages etc.,
Alcoholic beverages and tobacco: Wine, beer and other alcoholic beverages, tobacco,
Clothing: Clothing materials, men’s, women’s, children’s and infant’s clothing,
Consumer electronics: Televisions, audio systems, desktop and laptop computers etc.,
Personal transport equipment: Motor cars, motor cycles and bicycles,
Restaurants and hotels: Restaurants, cafes, pubs, bars, canteens, hotels, youth hostels etc.