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.
Author: Dirina Mançellari, Senior Economist