Turkey Inflation


Turkey: Inflation tumbles to 20-month low in January

February 3, 2015

In January, consumer prices rose 1.10% over the previous month, which contrasted December’s 0.44% fall. According to the statistical office, the reading was primarily the result of higher prices for food and non-alcoholic beverages, as well as for alcoholic beverages and tobacco.

Annual inflation dropped from 8.2% in December to 7.2% in January. The print represented a 20-month low, however it came in over market expectations of 6.8%.

The core inflation index, which excludes more volatile categories such as unprocessed food and energy, increased 0.63% in January (December: -0.21% month-on-month). Annual core inflation inched down from 9.4% in December to 8.9% in January.

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: Angela Bouzanis, Senior Economist

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Turkey Inflation Chart

Turkey Inflation January 2015

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

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