Turkey Inflation August 2016

Turkey

Turkey: Inflation ticks down in August

September 5, 2016

In August, consumer prices fell 0.29% over the previous month. The print contrasted the 1.16% rise in July and marked the first drop since June 2015. According to the statistical office, August’s decline reflected much lower prices for clothing and footwear as well as for food and non-alcoholic beverages.

Inflation slowed from July’s six-month high of 8.8% to 8.1% in August. The print came in below the 8.4% that market analysts had expected.

The core prices index, which excludes more volatile categories, such as unprocessed food and energy, increased 0.28% in August over the previous month (July: +0.76% month-on-month). Core inflation inched down from July’s 9.5% to 9.4% in August.

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 7.7%, which is up 0.1 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 August 2016 1

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


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