Turkey Consumer Price Inflation, Producer Prices Rise In October
Turkey’s consumer price inflation and producer price growth rose in October, figures from the Turkish Statistical Institute showed on Tuesday.
The consumer prices index rose 11.89 percent year-on-year in October, after an 11.75 percent increase in September. Economists had expected an 11.90 percent rise.
Inflation is likely to rise further over the coming months, Jason Tuvey, an economist at Capital Economics, said.
Rising inflation combined with the recent sharp falls in the lira, means that the central bank’s focus will remain on monetary tightening, the economist added.
On a monthly basis, consumer prices rose 2.13 percent in August. Economists had expected a 2.1 percent increase.
The producer price index rose 18.2 percent yearly in October, following a 14.33 percent increase in September.
Among the main industrial sectors, prices for capital goods grew 24.41 percent annually in October and prices for intermediate goods gained 23.41 percent.
Prices for durable goods and non-durable consumer goods prices rose by 23.39 percent and 15.35 percent, respectively.
Meanwhile, energy prices decreased 2.88 percent.
On a month-on-month basis, producer prices increased 3.55 percent in October.
The material has been provided by InstaForex Company – www.instaforex.com