Turkey Inflation October 2020


Turkey: Inflation hits highest level since June in October

November 5, 2020

Consumer prices increased 2.13% in October over the previous month, picking up from September's 0.97% rise. October's reading was the sharpest increase in prices since October 2018 and driven by a steep increase in clothing and footwear, and food and non-alcoholic beverages prices.

Inflation ticked up to 11.9% in October, which was up from September’s 11.7%. October's figure represented the highest inflation rate since June. Meanwhile, the trend pointed up mildly, with annual average inflation coming in at 11.7% in October (September:11.5%). Core inflation rose to 11.5% from September’s 11.3%.

Muhammet Mercan, chief Turkey economist at ING, commented:

“Exchange rate developments, tax adjustments and elevated services inflation, which is highly sticky at current levels, will likely remain key challenges for the inflation outlook.”

FocusEconomics Consensus Forecast panelists expect inflation to average 11.2% in 2021, which is up 0.1 percentage points from last month’s forecast, and 9.9% in 2022.


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