The Central Bank announced that spending slowed more significantly on products targeting the high-income group. The Central Bank of the Republic of Turkey (CBRT) reported that consumption expenditures slowed across all income groups with monetary tightening. In order to better understand the recent monetary transmission mechanism, CBRT examined consumption expenditures in different income groups. An analysis titled “Monetary Tightening and Consumption Expenditures by Income Level” prepared by Deputy Director of Structural Economic Research at CBRT Altan Aldan, Assistant Economist Barbaros Eriş, and Researcher Alper Yıldırım was published on the bank’s blog page, Merkezin Güncesi. According to the analysis, the most significant slowdown occurred in products targeting the high-income group, which had been much stronger compared to other groups before the monetary tightening. The analysis stated, “With monetary tightening, turnover increases in products targeting the high-income group are falling below the increases in products targeting the low-income group. This situation particularly indicates that households in the high-income group are turning towards savings.”