Inflation in Turkey
Turkey - Inflation
Inflation rises in December
Consumer prices in Turkey rose 0.74% month-on-month in December, notably above the 0.38% monthly price increase recorded in November. The uptick in December was driven by a strong rise in food and non-alcoholic beverages prices while transport also became pricier, offsetting a notable drop in clothing and footwear prices.
Inflation, meanwhile, rose to 11.8% in December from 10.6% in November and core inflation, which excludes volatile price items such as energy and food, rose to 9.8% from 9.3%. Annual average inflation, lastly, eased from 15.9% in November to 15.2% in December.
Looking ahead, the inflation outlook for 2020 remains clouded in upside risks owing to potential currency volatility as the government renews its focus on lifting economic growth, which it may prioritize over bringing down inflation.
FocusEconomics Consensus Forecast panelists expect consumer price inflation to end 2020 at 10.7% and 2021 at 9.5%
Turkey - Inflation Data
|Inflation Rate (CPI, annual variation in %)||7.5||8.9||7.7||7.8||11.1|
5 years of economic forecasts for more than 30 economic indicators.
Turkey Inflation Chart
Source: Statistical Institute and FocusEconomics calculations.
|Bond Yield||12.00||-0.09 %||Dec 31|
|Exchange Rate||5.95||-0.85 %||Jan 01|
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January 16, 2020
At its 16 January Monetary Policy Committee (MPC), Turkey’s Central Bank slashed its one-week repo rate again, this time by 75 basis points to 11.25%.
January 14, 2020
Industrial production grew a calendar-adjusted 5.1% year-on-year in November, up from October’s revised 3.9% expansion (previously reported: +3.8% year-on-year).
January 13, 2020
The current account balance of Turkey swung from a USD 1.0 billion surplus in November 2018 to a USD 0.5 billion deficit in November (October: USD +1.6 billion), which marked the first result in the red in five months.
January 3, 2020
Consumer prices in Turkey rose 0.74% month-on-month in December, notably above the 0.38% monthly price increase recorded in November.
January 2, 2020
Turkish manufacturing-sector business conditions deteriorated at the same pace in December compared to November, with the Istanbul Chamber of Industry Purchasing Managers’ Index (PMI) remaining at 49.5 in December.