Turkish Inflation Rate at 9-Year High of 11.9% in October
Consumer prices in Turkey increased 11.90 percent year-on-year in October of 2017, accelerating from a 11.20 percent rise in September and above market expectations of 11.50 percent gain. It was the highest inflation rate since October 2008, as cost went up at a faster pace for food, housing, and transport.
Year-on-year, prices went up at a faster pace for: Food and non-alcoholic beverages (12.74 percent from 12.50 percent in September); housing and utilities (9.40 percent from 8.13 percent); transportation (16.79 percent from 16.10 percent); hotels, cafes and restaurants (11.46 percent from 11.45 percent); clothing and footwear (11.42 percent from 10.35 percent); furnishing, household equipment, routine maintenance of the house (11.65 percent from 9.09 percent); education (10.48 percent from 10.41 percent); miscellaneous goods and services (12.63 percent from 12.06 percent); communication (1.84 percent from 1.78 percent); health (12.21 percent from 11.90 percent),
On the other hand, prices rose less for recreation and culture (11.04 percent from 11.85 percent), while inflation was steady for alcoholic beverages and tobacco ( from 10.40 percent).
Annual core inflation rate, which excludes energy, food and non-alcoholic beverages, alcoholic beverages, tobacco and gold, increased to 11.79 percent in October, its highest level since January 2004, from 10.89 percent in September.
On a monthly basis, consumer prices went up 2.08 percent in October, following a 0.65 percent rise in Septemberr and missing market expectations of a 1.87 percent. It was the highest inflation rate since January. The highest increases were recorded for cost of clothing and footwear (11.51 percent); furnishing and household equipment (2.96 percent); transportation (2.61 percent), and food and non-alcoholic beverages (1.97 percent). In contrast, recreation and culture fell 1.75 percent.
11/3/2017 9:31:00 AM