Turkey Inflation September 2020

Turkey

Turkey: Inflation unchanged in September

October 5, 2020

Consumer prices rose 0.97% in September over the previous month, picking up from the 0.86% increase recorded in August. This came on the back of strong furnishing and household equipment price pressures, while prices for transportation and food also rose notably.

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

Muhammet Mercan, chief Turkey economist at ING, commented: “Despite increasing food inflation and continuing FX-pass through, the annual reading remained flat in September given some favourable base effects. Exchange rate developments, tax adjustments and elevated services inflation, which are highly sticky at current levels, point to continuing challenges for the inflation outlook.”

FocusEconomics Consensus Forecast panelists expect fixed investment to increase 7.1% in 2020, which is unchanged from last month’s forecast, and to expand 6.4% in 2021.


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