In December, consumer prices rose 0.58% over the previous month, below the 1.73% jump recorded in November. Annual inflation rose from 9.5% in November to 10.4% in December, which overshot market expectations of 10.3%. The reading marked the highest level since November 2008 and almost doubled the Central Bank's target of 5.5% for 2011. The monthly increase reflected rising prices for food and non-alcoholic beverages, as well as higher prices for recreation and culture. The core inflation index, which excludes more volatile categories such as unprocessed food and energy, rose a subdued 0.10% over the previous month. Annual core inflation was unchanged from November's 9.8%, the highest level seen since October 2008. According to its November Inflation Report, the Central Bank of Turkey (CBT) sees inflation ending the year at 5.2%. The official inflation target, however, remains at 5.0% for 2012 and 2013.
Inflation exceeds Central Bank target
January 3, 2012
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Turkey Economic News
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The current account balance recorded a USD 1.8 billion deficit in August (July: USD 2.7 billion deficit).
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In August, industrial production expanded a calendar-adjusted 2.2% compared to the same month last year.
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The Manufacturing Purchasing Managers’ Index (PMI), produced by the Istanbul Chamber of Industry (ICI) and IHS Markit, increased slightly to 48.3 in September from August’s 47.0, which had marked a multi-year low.
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The Real Sector Confidence Index published by the Central Bank increased from August’s 103.6 to 106.5 in September.