Turkey Inflation March 2017

Turkey

Turkey: Inflation soars to nearly five-year high in March

April 3, 2017

Consumer prices in Turkey increased 1.02% compared to the previous month in March, higher than the 0.81% rise registered in February and overshooting analysts’ expectations of a 0.60% jump. According to the Turkish Statistical Institute, the rise was due to soaring prices for clothing and footwear, and food and non-alcoholic beverages.

Inflation jumped from 10.1% in February to 11.3% in March, the highest reading since April 2012. A weak lira has aggravated price pressures this year, however the Central Bank has not raised the main policy rates. Annual average inflation rose from February’s 7.9% to 8.2%.

FocusEconomics panelists expect inflation to close 2017 at 9.1%, which is up 0.1 percentage points from last month’s forecast. For 2018, the panel sees inflation moderating to 7.9% by year-end.


Author: Angela Bouzanis, Senior Economist

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Turkey Inflation March 2017

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


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