In October, consumer prices added 1.96% over the previous month. The reading was above the 1.03% rise recorded in September but undershot market expectations of a 2.10% increase. In spite of the sharp monthly rise, annual inflation dropped from 9.2% in September to 7.8%, its lowest level in a year, as the figure benefited from a favourable base effect. Although the monthly price rise was broad-based, it mainly reflected a sharp increase in prices for clothing and footwear as well as for housing, water, electricity and gas. The core inflation index, which excludes more volatile categories such as unprocessed food and energy, added 1.23% over the previous month (September: +0.34% month-on-month). Nevertheless, annual core inflation dropped from 8.0% in September to 6.6% in October. The Central Bank of Turkey (CBRT) recently revised its inflation forecasts and now sees inflation ending the year at 7.4% (previously expected: 6.2%) and moderating to 5.3% by the end of 2013 (previously expected: 5.1%). The official inflation target, however, remains at 5.0% for both years.
Inflation falls to one-year low
November 5, 2012
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Turkey Inflation Chart
Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: Turkish Statistical Institute (TurkStat).
Turkey Economic News
October 25, 2016
The Real Sector Confidence Index published by the Central Bank decreased from September’s 106.5 to 101.7 in October, the lowest reading in one year.
October 21, 2016
The consumer confidence index, published by the Statistical Institute in cooperation with the Central Bank, decreased slightly from 74.3 in September to 74.0 in October.
October 20, 2016
At its 20 October monetary policy meeting, the Central Bank of the Republic of Turkey (CBRT) decided to keep the marginal funding rate unchanged at 8.25%.
October 13, 2016
The current account balance recorded a USD 1.8 billion deficit in August (July: USD 2.7 billion deficit).
October 10, 2016
In August, industrial production expanded a calendar-adjusted 2.2% compared to the same month last year.