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      

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