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Türkiye Becomes Europe’s Cheapest Country in Consumer Prices, As Per TÜİK Data

consumer prices

Türkiye ranked as the most affordable country in Europe for consumer goods and services in 2024, according to the latest Purchasing Power Parity (PPP) data released by the Turkish Statistical Institute (TÜİK). The price level index for Türkiye was calculated at 53, meaning that a basket of goods and services that costs €100 in the EU average can be purchased for the equivalent of €53 in Turkish lira.

This positions Türkiye at the very bottom of the price level ranking among 36 European countries, making it Europe’s least expensive nation for household consumption.

PPP Index: A Comparative Gauge of Affordability

The Purchasing Power Parity index, calculated in collaboration with Eurostat, measures how far each country’s currency stretches in purchasing goods and services. A value below 100 indicates prices are cheaper than the EU average, while a value above 100 suggests higher costs.

Türkiye’s price level index of 53 is significantly below the EU baseline, underscoring the country’s position as a low-cost consumer economy relative to the rest of Europe.

Switzerland Most Expensive, Türkiye Most Affordable

Among the 36 countries assessed, including 27 EU members, 3 EFTA nations (Switzerland, Norway, Iceland), 5 EU candidates (Türkiye, Serbia, Montenegro, Albania, North Macedonia), and Bosnia-Herzegovina, Switzerland topped the list with a price level index of 174—over three times that of Türkiye.

This highlights the wide gap in cost of living between western and southeastern Europe.

Some Categories Still Costlier Than EU Average in Türkiye

Despite overall affordability, Türkiye saw above-average prices in certain spending categories:

  • Personal transport (index 136): Vehicles like cars are significantly more expensive in Türkiye than in the EU.

  • Food and non-alcoholic beverages (index 77): Also above the EU average.

  • Alcohol and tobacco (index 60): Below the EU average.

  • Clothing (index 69), consumer electronics (67), and hotels/restaurants (69) remain affordable compared to Europe.

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