Turkish Inflation Rate Jumps to a Near 14-Year High
Consumer prices in Turkey jumped 12.98 percent year-on-year in November of 2017, accelerating from a 11.90 percent increase in October and easily beating market expectations of 7.50 percent. It was the highest inflation rate since February 2004, as cost went up at a faster pace for food, housing and transportation.
Year-on-year, prices went up at a faster pace for: Food and non-alcoholic beverages (15.78 percent from 12.74 percent in October); housing and utilities (9.81 percent from 9.40 percent); transportation (18.56 percent from 16.79 percent); furnishing, household equipment, routine maintenance of the house (12.85 percent from 11.65 percent); miscellaneous goods and services (13.39 percent from 12.63 percent); health (12.38 percent from 12.21 percent); and alcoholic beverages and tobacco (10.41 percent from 10.40 percent). Meanwhile, inflation slowed for recreation and culture (9.90 percent from 11.04 percent in October); hotels, cafes and restaurants (11.43 percent from 11.46 percent); clothing and footwear (11.30 percent from 11.42 percent); education (10.46 percent from 10.48 percent); and communication (1.44 percent from 1.84 percent).
12/4/2017 9:24:23 AM
Annual core inflation rate, which excludes energy, food and non-alcoholic beverages, alcoholic beverages, tobacco and gold, increased to a near 14-year high of 12.08 percent in November from 11.82 percent in October.
On a monthly basis, consumer prices increased 1.49 percent, also beating expectations of a 1.2 percent gain. The highest increases were recorded for cost of clothing and footwear (3.77 percent), food and non-alcoholic beverages (2.11 percent); transportation (2.01 percent), miscellaneous goods and services (1.84 percent), and housing (1.25 percent).