Turkey Inflation February 2016

Turkey

Turkey: Inflation moderates in February

March 3, 2016

In February, consumer prices fell 0.02% over the previous month, which contrasted January’s strong rise of 1.82%. The print undershot the 0.53% increase that market analysts’ had expected. According to the statistical office, February’s fall came on the back of much lower prices for clothing and footwear and a modest decline in costs for food and non-alcoholic beverages.

Inflation fell from January’s 9.6% to 8.8% in February. The core prices index, which excludes more volatile categories, such as unprocessed food and energy, increased 0.25% in February over the previous month (January: +1.07% month-on-month). Core inflation rose from 9.6% in January to 9.8% in February, hitting an 18-month high.

Turkey’s Central Bank forecasts inflation to be 7.5% at the end of 2016 and 6.0% in 2017. FocusEconomics panelists expect inflation to close 2016 at 8.2%, which is up 0.2 percentage points from last month’s forecast. For 2017, the panel sees inflation moderating to 7.1% by year-end.


Author: Ricard Torné, Lead Economist

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Turkey Inflation Chart


Turkey Inflation February 2016 0

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


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