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
|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||9.2||-0.32 %||Aug 21|
|Exchange Rate||2.18||-0.37 %||Aug 21|
|Stock Market||78,958||0.11 %||Aug 21|
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August 14, 2014
The current account balance recorded a USD 4.1 billion deficit in June (May: USD 3.5 billion deficit), which marked an improvement over the USD 4.8 billion shortfall recorded in the same month last year.
August 8, 2014
In June, industrial production expanded a calendar-adjusted 1.4% over the same month last year, which was below the revised 3.5% increase tallied in May (previously reported: +3.3% year-on-year) and represented the weakest growth since August 2013.
August 4, 2014
In July, consumer prices increased 0.45% over the previous month, which was above the 0.31% rise recorded in June.
August 1, 2014
The HSBC Manufacturing Purchasing Managers Index (PMI) fell moderately from 48.8 in June to 48.5 in July, which represented the lowest level since April 2009.
July 31, 2014
The consumer confidence index, which is published by the Statistical Institute in cooperation with the Central Bank, inched up from 73.7 points in June to 73.9 points in July.