Turkey Inflation


Inflation rises in August

In August, consumer prices rose 0.40% over the previous month, which followed July’s 0.09% increase. According to the statistical office, August’s increase came on the back of higher prices for hotels, cafes and restaurants along with recreation and culture. In addition, higher prices were recorded for food and non-alcoholic beverages.

Inflation accelerated from July’s 6.8% to 7.1% in August. The rise surprised market analysts, who had predicted an increase to 6.9%. The core inflation index, which excludes more volatile categories such as unprocessed food and energy, increased 0.37% in August (July: +0.24% month-on-month). Core inflation also rose from 7.3% in July to 7.6% in August.

The Central Bank of Turkey (CBRT) sees year-end inflation at 6.9% in 2015. FocusEconomics panelists expect inflation to close 2015 at 6.8%, which is unchanged from last month’s forecast. For 2016, the panel sees inflation moderating to 6.6% by year-end.

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Turkey Inflation Chart

Turkey Inflation August 2015

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

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