Turkey Inflation December 2019


Turkey: Inflation rises in December

January 3, 2020

Consumer prices in Turkey rose 0.74% month-on-month in December, notably above the 0.38% monthly price increase recorded in November. The uptick in December was driven by a strong rise in food and non-alcoholic beverages prices while transport also became pricier, offsetting a notable drop in clothing and footwear prices.

Inflation, meanwhile, rose to 11.8% in December from 10.6% in November and core inflation, which excludes volatile price items such as energy and food, rose to 9.8% from 9.3%. Annual average inflation, lastly, eased from 15.9% in November to 15.2% in December.

Looking ahead, the inflation outlook for 2020 remains clouded in upside risks owing to potential currency volatility as the government renews its focus on lifting economic growth, which it may prioritize over bringing down inflation.

FocusEconomics Consensus Forecast panelists expect consumer price inflation to end 2020 at 10.7% and 2021 at 9.5%

Author:, Economist

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Turkey Inflation Chart

Turkey Inflation December 2019 0

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

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