Turkey - Inflation

Inflation unexpectedly accelerates in July

In July, consumer prices increased 0.45% over the previous month, which was above the 0.31% rise recorded in June. According to the statistical office, the increase was primarily the result of higher prices for recreation and culture as well as for alcoholic beverages and tobacco. Annual inflation increased from 9.2% in June to 9.3% in July. The print overshot market expectations of the index slowing to an 8.8% increase.

The core inflation index, which excludes more volatile categories such as unprocessed food and energy, rose 0.56% over the previous month in July (June: +0.38% month-on-month). Annual core inflation inched up from 9.6% in June to 10.0% in July, which marked the highest reading since October 2008.

The Central Bank of Turkey (CBRT) sees inflation ending 2014 at 7.6% before slowing to 5.0% at the end of 2015. The Bank’s official inflation target remains at 5.0%. FocusEconomics panelists expect inflation to close 2014 at 8.3%, which is up 0.3 percentage points from last month’s forecast. For 2015, the panel sees inflation moderating to 6.7% by year-end.

Turkey - Inflation Data

2009   2010   2011   2012   2013  
Inflation Rate (CPI, annual variation in %)6.3  8.6  6.5  8.9  7.5  

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Turkey Inflation Chart

Turkey Inflation
Note: Annual variation of consumer price index (CPI) in %.
Source: Statistical Institute and FocusEconomics calculations.

Turkey Facts

Value % Change Date
Bond Yield8.9-1.22 %Aug 29
Exchange Rate2.160.26 %Aug 29
Stock Market80,313-0.65 %Aug 29

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