Turkey Inflation April 2016

Turkey

Turkey: Inflation falls to a nearly three-year low in April

May 3, 2016

In April, consumer prices rose 0.78% over the previous month, which contrasted March’s 0.04% drop. According to the statistical office, April’s increase came on the back of much higher prices for clothing and footwear and, to a lesser extent, for education and recreation and culture.

Inflation fell from March’s 7.5% to 6.6% in April. The print came in below the 6.9% that market analysts’ had expected and represented the lowest reading since May 2013.

The core prices index, which excludes more volatile categories, such as unprocessed food and energy, increased 1.53% in April over the previous month (March: +0.44% month-on-month). Core inflation inched down from March’s 9.7% to 9.5%. April’s data highlight the divergence between the evolution of core and overall prices due to a sharp decline in food prices.

Turkey’s Central Bank forecasts inflation to be 7.5% at the end of 2016 and 6.0% in 2017. FocusEconomics panelists expect inflation to close 2016 at 8.3%, which is unchanged from last month’s forecast. For 2017, the panel sees inflation moderating to 7.2% by year-end.


Author: Ricard Torné, Head of Economic Research

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Turkey Inflation Chart


Turkey Inflation April 2016

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


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