In July, consumer prices declined 0.23% over the previous month. The drop followed the 0.90% fall recorded in June and exceeded market expectations of a 0.10% decline. Despite the monthly fall, annual inflation rose from 8.9% in June to 9.1% owing to an unfavourable base effect. The monthly price drop mainly reflected a sharp decline in prices for clothing and footwear. The core inflation index, which excludes more volatile categories such as unprocessed food and energy, fell 0.13% over the previous month. As a result, annual core inflation inched down from 9.2% in June to 9.1% in July. The Central Bank of Turkey (CBRT) recently revised its forecasts and now sees inflation ending the year at 6.2% (previously: 6.5%) and moderating to 5.1% by the end of 2013 (previously: 5.2%). The official inflation target, however, remains at 5.0% for both years.
Inflation rises in July
August 3, 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 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.
October 3, 2016
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.
October 3, 2016
In September, consumer prices increased 0.18% over the previous month.
September 26, 2016
The Real Sector Confidence Index published by the Central Bank increased from August’s 103.6 to 106.5 in September.