Turkey Inflation October 2016

Turkey

Turkey: Inflation inches down in October

In October, consumer prices increased 1.44% from the previous month. The print was up from the 0.18% increase in September and marked the highest reading in nine months. October’s increase reflected higher prices for clothing and footwear, according to the Statistical Office.

Inflation inched down from 7.3% in September to 7.2% in October, hitting a five-month low. The print came in slightly below the 7.4% that market analysts had expected.

The core prices index, which excludes more volatile categories such as unprocessed food and energy, increased 1.28% in October from the previous month (September: +0.14% month-on-month). Core inflation dropped from 8.7% in September to 8.1% in October.

Turkey’s Central Bank forecasts inflation of 7.5% at the end of 2016 and 6.5% in 2017. FocusEconomics panelists expect inflation to close 2016 at 7.9%, which is unchanged from last month’s forecast. For 2017, the panel sees inflation moderating to 7.5% by year-end, which is also unchanged from last month’s forecast.


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Turkey Inflation Chart


Turkey Inflation October 2016

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: Turkish Statistical Institute (TurkStat).


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