Turkish Central Bank says food inflation remains elevated

By bne IntelliNews December 4, 2014

Food inflation remained elevated in November but energy inflation eased due to the declining oil prices in international markets, the Central Bank said on December 4 in a note on the November inflation.

Consumer prices rose 0.18% y/y in November (market consensus forecast: 0.3%), and the annual inflation accelerated to 9.15% from 8.96% in October. Food inflation was 0.24% m/m in the month, easing from the previous month’s 2.65% m/m. It contributed 0.06 percentage points to the headline inflation and the annual food inflation stood at 14.37% in November. Unprocessed food prices fell 0.54% m/m for an annualised inflation rate of 15.29% for this group while processed food prices rose 0.95% m/m, bringing the annual increase to 13.61%, data of the Central Bank showed. Energy prices showed a 1.44% m/m decline and the energy price inflation stood at 2.68% y/y in November.

The underlying trend in core inflation indicators continued to improve in November, the Central Bank also said, noting that the y/y increase in the I-index remained flat compared to October. The I-index (excludes the prices of energy, food and non-alcoholic beverages, alcoholic beverages and tobacco products and gold) rose 0.62% m/m in November and the annual rise was 9.03%.

November CPI by Main Expenditure Groups (%)
  Weights m/m y/y
Headline 100 0.18 9.15
Food and non-alcoholic beverages 24.45 0.24 14.37
Alcoholic beverages and tobacco 5.29 0.00 4.81
Clothing and footwear 7.17 4.11 9.71
Housing, utilities 16.41 0.21 7.64
Furnishings, household equipment 7.52 0.86 8.13
Health 2.44 0.23 9.33
Transportation 15.54 -1.79 5.06
Communications 4.70 -0.13 1.59
Recreation and culture 3.36 -1.32 5.89
Education 2.26 0.25 8.31
Hotels, cafes and restaurants 6.58 0.63 14.32
Miscellaneous goods and services 4.28 -0.10 8.82
Source: tuik      
Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Despite local elections defeat Erdogan “remains in control” at head of “super-executive regime”, says analyst

Despite his AKP party’s defeat in the weekend’s local elections, Turkish President ... more

Turkish footwear manufacturers step up investments in Uzbekistan’s leather and footwear industries

Turkish footwear manufacturers are stepping up their investments in Uzbekistan’s leather and footwear industries, according to local reports. A $1mn investment in the manufacture of leather, ... more

Shipping companies latest to feel effects of “West’s very tight blockade against Turkey’s banking system", says report

Shipping companies are the latest to feel the effects of “the West’s very tight blockade against the Turkish banking system”, according to a report by Turkish publication Ekonomim. In ... more

Follow Us On

Most Read

  1. Iran vs Israel: Who is better equipped for war?
    4 days ago
  2. Saudi Arabia to scale back plans for Neom city
    8 days ago
  3. Oil continues to flow to Israel via Turkey despite Erdogan’s vehement speeches on plight of Gaza
    5 months ago
  4. BREAKING: Iraq, Syria and Jordan close airspace amid Iranian strike on Israel
    4 days ago
  5. PANNIER: Caspian military drills that exclude Russia and Iran have some people in Moscow asking questions
    6 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    19 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    23 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. UBN: Russia could take the Baltic states in 48 hours
    28 days ago
  5. BRICS announce a blockchain-based payment system to create a common currency
    21 days ago

Reports

Dismiss