Inflation in Turkey
Turkey - Inflation (end of period)
Inflation comes in at highest level since our records began
Inflation increased to 85.5% in October from September’s 83.5%. October's result marked the highest inflation rate since our current records began. Looking at the details of the release, housing and utilities prices rose at a quicker pace in October compared to the previous month, while price pressures for transport eased.
Annual average inflation rose to 65.3% in October (September: 59.9%). Meanwhile, core inflation rose to 70.4% in October, from September’s 68.1%.
Lastly, consumer prices rose 3.54% from the previous month in October, accelerating from the 3.08% increase seen in September. October's uptick marked the highest reading since June.
Muhammet Mercan, chief Turkey economist at ING, added:
“We think annual inflation is likely to have peaked last month and to decline to below 70% at year-end, while risks to the outlook next year are on the upside given the deterioration in pricing behaviour, higher trend inflation, and exchange rate developments.”
FocusEconomics Consensus Forecast panelists expect inflation to average 41.1% in 2023 and 25.0% in 2024.
Turkey - Inflation (eop) Data
|Inflation Rate (CPI, annual variation in %, eop)||8.8||8.5||11.9||20.3||11.8|
5 years of economic forecasts for more than 30 economic indicators.
Turkey Inflation (eop) 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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November 24, 2022
Business confidence fell to 97.9 in November from October's 100.3.
November 22, 2022
Consumer confidence came in at 76.6 in November, up from October's 76.2.
November 11, 2022
Industrial output expanded 0.4% compared to the same month of the previous year in September, which was a deterioration from August's 1.1% increase.
November 3, 2022
Inflation increased to 85.5% in October from September’s 83.5%.
November 1, 2022
The ICI Manufacturing Purchasing Managers' Index (PMI) dropped to 46.4 in October from 46.9 in September.