Turkey Inflation November 2016

Turkey

Turkey: Inflation inches down in November

December 5, 2016

Turkish consumer prices increased 0.52% in November compared to the previous month, substantially lower than the 1.44% rise registered in October and undershooting analysts’ expectations of a 0.80% jump. Clothing and footwear recorded the largest monthly price increase, while the prices of recreation and culture, housing and communication were also higher than the previous month. Meanwhile, the prices of food and non-alcoholic beverages and household equipment fell compared to October.

Inflation inched down from 7.2% in October to 7.0% in November, hitting a six-month low. The core prices index, which excludes more volatile categories such as unprocessed food and energy, increased 0.72% in November from the previous month (October: +1.28% month-on-month), while core inflation remained unchanged at 8.1%.

Turkey’s Central Bank forecasts inflation of 7.5% at the end of 2016 and 6.5% in 2017. FocusEconomics panelists expect inflation to close 2016 at 7.8%, which is down 0.1 percentage points from last month’s forecast. For 2017, the panel sees inflation moderating to 7.6% by year-end, which is up 0.1 percentage points from last month’s forecast.


Author:, Economist

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Turkey Inflation November 2016

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


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