Turkey Inflation December 2016

Turkey

Turkey: Inflation jumps in December

January 3, 2017

Consumer prices in Turkey increased 1.64% in December compared to the previous month, substantially higher than the 0.52% rise registered in November and overshooting analysts’ expectations of a 0.93% jump. Alcoholic beverages and tobacco recorded the highest monthly price increase, while the prices of clothing and footwear decreased compared to November.

Inflation jumped from 7.0% in November to 8.5% in December, the highest reading in five months. The core prices index, which excludes more volatile categories such as unprocessed food and energy, increased 0.92% in December from the previous month (November: +0.72% month-on-month), while core inflation increased from 8.1% in November to 9.1% in December.

Turkey’s Central Bank forecasts inflation of 7.5% at the end of 2017 and 6.5% in 2018. FocusEconomics panelists expect inflation to close 2017 at 7.8%, which is down 0.1 percentage points from last month’s forecast. For 2018, the panel sees inflation moderating to 7.6% by year-end.


Author:, Senior Economist

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Turkey Inflation December 2016

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


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