Turkey Inflation

Turkey

Turkey: Inflation tumbles to 10-month low in December

January 5, 2015

In December, consumer prices fell 0.44% over the previous month, which contrasted the 0.18% rise recorded in November. According to the statistical office, the reading was primarily the result of lower prices for clothing and footwear as well as for transportation.

Annual inflation dropped from 9.2% in November to 8.2% in December. The print came in under market expectations of 8.9% and represented a 10-month low.

The core inflation index, which excludes more volatile categories such as unprocessed food and energy, declined 0.21% in December over the previous month (November: +0.58% month-on-month). Annual core inflation inched down from 9.5% in November to 9.4% in December.

The Central Bank of Turkey (CBRT) sees year-end inflation at 6.1% in 2015. FocusEconomics panelists expect inflation to close 2015 at 7.2%, which is unchanged from last month’s forecast. For 2016, the panel sees inflation moderating to 6.5% by year-end.


Author: Ricard Torné, Head of Economic Research

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Turkey Inflation Chart


Turkey Inflation December 2014

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


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