Turkey Inflation May 2016


Inflation stabilizes in May

In May, consumer prices rose 0.58% over the previous month, which followed April’s 0.78% increase. According to the statistical office, May’s result reflected much higher prices for clothing and footwear and, to a lesser extent, for transport and education.

Inflation in May stood at April’s 6.6%. The print came in below the 6.7% that market analysts’ had expected and represented the lowest reading since May 2013.

The core prices index, which excludes more volatile categories, such as unprocessed food and energy, increased 1.15% in May over the previous month (April: +1.53% month-on-month). Core inflation fell from April’s 9.5% to 9.1%.

Turkey’s Central Bank forecasts inflation to be 7.5% at the end of 2016 and 6.0% in 2017. FocusEconomics panelists expect inflation to close 2016 at 8.0%, which is down 0.2 percentage points from last month’s forecast. For 2017, the panel sees inflation moderating to 7.3% by year-end.

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Turkey Inflation Chart

Turkey Inflation May 2016

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

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