Turkey: Inflation accelerates in October
November 3, 2014
In October, consumer prices increased a massive 1.90% over the previous month, which was well above the 0.14% rise recorded in September. According to the statistical office, the reading was primarily the result of higher readings for clothing and footwear due to the arrival of new collections, as well as for housing, water, electricity, gas and other fuels, due to a hike in electricity and natural gas tariffs. Consequently, annual inflation inched up from 8.9% in September to 9.0% in October. The print overshot market expectations of 8.9%.
The core inflation index, which excludes more volatile categories such as unprocessed food and energy, rose 1.37% in October over the previous month (September: +0.25% month-on-month). Annual core inflation stabilized at September’s 9.4% in October.