Turkey Inflation


Turkey: Inflation hits three-month high in November

December 3, 2014

In November, consumer prices increased a 0.18% over the previous month, which was well below the 1.90% rise recorded in October. A hike in electricity and natural gas tariffs was behind October’s massive increase. According to the statistical office, the November reading, which undershot the 0.30% increase that market analysts had expected, was primarily the result of higher prices for clothing and footwear, as well as for furnishings and household equipment.

Annual inflation rose from 9.0% in October to 9.2% in November, which represented a three-month high.

The core inflation index, which excludes more volatile categories such as unprocessed food and energy, rose 0.58% in November over the previous month (October: +1.37% month-on-month). Annual core inflation inched up from October’s 9.4% to 9.5% in November.

The Central Bank of Turkey (CBRT) expects inflation to end 2014 at 8.9%. Next year the CBRT sees inflation declining to 6.1%. FocusEconomics panelists expect inflation to close 2014 at 9.1%, which is up 0.3 percentage points from last month’s forecast. For 2015, the panel sees inflation moderating to 7.1% by year-end, which is unchanged from last month’s forecast.

Author: Ricard Torné, Lead Economist

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Turkey Inflation Chart

Turkey Inflation November 2014 0

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

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