The price level index is an indicator of the 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 the compared country group and if it is lower than 100, then it is relatively "cheap" against the same compared group.
The price level index for consumer goods and services in Türkiye was 42 in 2023. This figure represents the same basket of goods and services purchased for the cost of 100 Euros in a total of 27 European Union (EU) countries, which could be purchased for 42 Euros in Türkiye.
The comprehensive comparison included the 27 member states of the European Union, 3 European Free Trade Association (EFTA) countries, 5 candidate countries, and 1 potential candidate country. This diverse group provides a broad perspective on the economic disparities being examined.
Among the 36 countries in the comparison programme, Switzerland topped the list with a price level index of 174, while Turkey, with its significantly lower index of 42, demonstrated its affordability in the global market.
For sub-groups of consumer goods and services, Türkiye had the highest price level index in the personal transport equipment sub-group with 143 which meant that Türkiye was higher than the EU average.
In other sub-groups, the price level index of Türkiye was relatively higher than other groups for consumer electronics indices, with 69. On the other hand, the price level index of Türkiye was lower than other groups for the clothing index with 30, which is also the lowest index among all the countries included in the comparisons. For the restaurants and hotels group, Türkiye had an index of 57
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