Turkey Inflation August 2020


Turkey: Inflation steady in August

September 3, 2020

Consumer prices rose 0.86% over the previous month in August, picking up from the 0.58% rise recorded in July. Notably higher prices for transportation more than offset cheaper clothing and footwear.

Inflation came in at 11.8% in August, from July’s reading. Meanwhile, the trend pointed down slightly, with annual average inflation coming in at 11.3% in August (July: 11.5%). Lastly, core inflation rose to 11.0% from the previous month's 10.2%.

Muhammet Mercan, chief Turkey economist at ING, commented:

“Despite the disinflationary impact of domestic demand compression, exchange rate developments and elevated services inflation being highly sticky at current levels point to continuing challenges for the outlook.”

FocusEconomics Consensus Forecast panelists expect consumer price inflation to end 2020 at 10.3% and 2021 at 10.0%


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Turkey Inflation Chart

Turkey Inflation August 20 20

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

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