Turkey Inflation

Turkey

Turkey: Inflation drops further in July

August 3, 2015

In July, consumer prices rose 0.09% over the previous month, which contrasted June’s 0.51% decrease. According to the statistical office, July’s increase came on the back of higher prices for furnishing and household equipment along with hotels, cafes and restaurants. In contrast, lower prices were recorded for clothing and footwear.

Inflation dropped from June’s 7.2% to 6.8% in July, marking the lowest rate since May 2013. The core inflation index, which excludes more volatile categories such as unprocessed food and energy, increased 0.24% in July (June: +0.34% month-on-month). Core inflation fell from June’s 7.7% to 7.3% in July, which marked the lowest level since January 2014.

The Central Bank of Turkey (CBRT) sees year-end inflation at 6.9% 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 July 2015

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


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