Turkey Inflation


Turkey: Inflation accelerates in May

June 3, 2015

In May, consumer prices rose 0.56% over the previous month, which was below April’s 1.63% increase. According to the statistical office, lower prices were recorded for food and non-alcoholic beverages. In contrast, higher prices were recorded for clothing and footwear, as well as for transportation.

Inflation rose from April’s 7.9% to 8.1’s in May, marking a five-month high. However, May’s result undershot market expectations of 8.2%% inflation.

The core inflation index, which excludes more volatile categories such as unprocessed food and energy, increased 1.56% in May (April: +1.68% month-on-month). Core inflation rose from April’s 7.4% to 7.7% in May.

The Central Bank of Turkey (CBRT) sees year-end inflation at 6.8% in 2015. FocusEconomics panelists expect inflation to close 2015 at 6.8%, which is unchanged from last month’s forecast. For 2016, the panel sees inflation moderating to 6.6% by year-end.

Author: Angela Bouzanis, Senior Economist

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Turkey Inflation Chart

Turkey Inflation May 2015

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

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