Turkey - Inflation
Inflation continues to edge up in August
In August, consumer prices increased 0.09% over the previous month, which was well below the 0.45% rise recorded in July. The print represented the lowest rate since November 2013 and defied the 0.10% drop that market analysts had expected. According to the statistical office, the lower reading was primarily the result of a decline in prices for clothing and footwear as well as for alcoholic beverages and tobacco. Annual inflation increased from 9.3% in July to 9.5% in August.
The core inflation index, which excludes more volatile categories such as unprocessed food and energy, rose 0.08% in August over the previous month (July: +0.56% month-on-month). Annual core inflation inched down from 10.0% in July to 9.9% in August.
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
|Inflation Rate (CPI, annual variation in %)||6.3||8.6||6.5||8.9||7.5|
5 years of economic forecasts for more than 30 economic indicators.
Turkey Inflation Chart
Source: Statistical Institute and FocusEconomics calculations.
|Bond Yield||9.3||2.78 %||Sep 18|
|Exchange Rate||2.23||0.08 %||Sep 18|
|Stock Market||77,496||-1.86 %||Sep 18|
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September 11, 2014
The current account balance recorded a USD 2.6 billion deficit in July (June: USD 4.1 billion deficit), which marked an improvement over the USD 6.3 billion shortfall recorded in the same month last year.
September 10, 2014
In Q2, GDP rose 2.1% over the same quarter last year, marking a sizeable deceleration compared to the revised 4.7% expansion recorded in Q1 (previously reported: +4.3% year-on-year).
September 8, 2014
In July, industrial production expanded a calendar-adjusted 3.6% over the same month last year, which was above the revised 1.6% increase tallied in June (previously reported: +1.4% year-on-year) and represented the strongest growth in three months.
September 3, 2014
In August, consumer prices increased 0.09% over the previous month, which was well below the 0.45% rise recorded in July.
September 1, 2014
The HSBC Manufacturing Purchasing Managers’ Index (PMI) rose from 48.5 in July to 50.3 in August, which represented the highest level in four months.