Inflation in Turkey
Turkey - Inflation
Inflationary pressures moderate in February
Consumer prices in Turkey rose 0.16% from the previous month in February, down from January’s 1.06% increase. February’s result reflected significantly cheaper clothing and footwear being partially offset by more expensive health; education; non-alcoholic beverages; hotels, cafes and restaurants; and transportation.
Inflation eased from 20.4% in January to 19.7% in February, the lowest reading since August 2018. Core inflation, meanwhile, fell to 18.1% from 19.0% and the continued moderation in core price pressures is likely linked to the government tax cuts. Muhammet Mercan, chief Turkey economist at ING, added that the drop in core inflation “also reflects sharp Turkish lira strength since October as well as tight policy and weakening domestic demand.” The effects of the tax cuts should fade towards the end of the first quarter, however, and this could prop up prices in the months following.
Turkey Inflation Forecast
FocusEconomics Consensus Forecast panelists expect consumer price inflation to end 2019 at 14.9% and 2020 at 11.2%.
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||14.95||-0.09 %||Mar 11|
|Exchange Rate||5.45||-0.85 %||Mar 11|
|Stock Market||100,850||1.41 %||Mar 11|
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Turkey: Industrial production contracts in January in annual terms, but sequential data paints a slightly more positive picture
March 14, 2019
Industrial output dropped 7.3% in January in calendar-adjusted year-on-year terms.
March 11, 2019
The current account balance recorded a USD 0.8 billion deficit in January, smaller than December’s revised USD 1.5 billion deficit (previously reported: USD 1.4 billion deficit) and down markedly from the USD 7.0 billion deficit recorded in the same month a year prior.
March 11, 2019
According to data released by Turkstat on 11 March, the Turkish economy shrank 3.0% in the fourth quarter of last year, with the aftereffects of the currency crisis cooling activity.
March 6, 2019
At its monetary policy meeting on 6 March, the Central Bank of the Republic of Turkey (CBRT) left the one-week repo rate unchanged at 24.00% for the fourth consecutive meeting. The Bank’s decision to keep rates at their current high level was motivated by a desire to support the lira and ensure that price pressures continue to ebb.
March 4, 2019
Consumer prices in Turkey rose 0.16% from the previous month in February, down from January’s 1.06% increase.