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Turkey Inflation September 2023

Turkey: Inflation comes in at highest level since December 2022 in September

Inflation came in at 61.5% in September, up from August’s 58.9%. September’s result represented the highest inflation rate since December 2022. Looking at the details of the release, prices for food and non-alcoholic beverages and transport rose at a faster pace in September. That said, housing and utilities price growth moderated.

The trend pointed down, with annual average inflation coming in at 55.3% in September (August: 56.3%). Meanwhile, core inflation rose to 68.9% in September, from August’s 64.8%.

Lastly, consumer prices rose 4.75% in September over the previous month, which was below August’s 9.09% increase. September’s result marked the weakest reading since June.

Our panelists see inflation hovering around current levels in Q4, boosted by sustained lira weakness, increases in wages and tax adjustments. That said, recent interest rate hikes will keep a lid on price pressures.

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