Consumer prices rose 1.63% m/m in April, bringing the annual inflation rate to 7.91% from 7.61% in March, data of the statistics office TUIK showed on May 4. The market had expected a CPI inflation of 1.43% m/m.
Food prices increased 1.63% m/m in April, adding 0.37 percentage points to headline inflation and the 12.30% m/m increase in clothing prices added another 0.85 percentage points. Communication prices fell 0.28% m/m in the month shaving off 0.01 percentage points from the headline CPI.
The core inflation, measured by the I-index, rose 2.03% m/m in April vs 0.61% m/m rise in the previous month. The annual increase in the I-index eased to 7% from 7.1% in March.
Domestic producer prices that increased 1.05% m/m in March rose by 1.43%, bringing the annual rise to 4.80% from 3.41%.
The central bank has recently raised its inflation forecast for 2015 to 6.8% from a previous 5.5%, citing a weak lira and high oil prices. The bank also lifted its 2016 inflation forecast to 5.5% from a previous 5%.
The bank has been warning about food prices. Prices of some food items are sensitive to the exchange rate and there are uncertainties over supply-side developments which necessitate caution against food inflation, said the central bank on April 30 in the minutes of the latest monetary policy committee meeting. Food prices remain as the main risk factor for the inflation forecast, and food inflation is expected to remain high in the short term, according to the bank. But it believes food prices are likely to see a notable correction upon the introduction of new-season products in the summer months.
April CPI by Main Expenditure Groups (%) | |||
Weights | m/m | y/y | |
Headline | 100 | 1.63 | 7.91 |
Food and non-alcoholic beverages | 24.25 | 1.63 | 14.36 |
Alcoholic beverages and tobacco | 4.82 | 0.02 | 3.92 |
Clothing and footwear | 7.38 | 12.30 | 5.15 |
Housing, utilities | 15.79 | 0.41 | 8.21 |
Furnishings, household equipment | 7.78 | 1.35 | 6.79 |
Health | 2.57 | 0.29 | 7.75 |
Transportation | 15.38 | 0.42 | -0.52 |
Communications | 4.38 | -0.28 | 3.22 |
Recreation and culture | 3.54 | 1.17 | 7.76 |
Education | 2.53 | 0.88 | 7.88 |
Hotels, cafes and restaurants | 6.98 | 1.27 | 13.34 |
Miscellaneous goods and services | 4.60 | 1.24 | 9.90 |
Source: tuik |
Turkey upped its steel exports by 27.6% y/y in 2024 to 13.4mn tonnes, according to the Turkish Steel Association (TCUD). Growth was driven by shipments to the European Union (5.9mn tonnes, up ... more
Turkish Petroleum Offshore Technology Centre AS (TP-OTC) has contracted international offshore service provider Subsea7 to provide inspection, repair and maintenance (IRM) services at the Sakarya ... more
Turkish socks manufacturing company Bonysocks plans to invest $50mn to build a new factory in Egypt, Al Ahram reported on January 12 citing the Turkish Ambassador in Cairo, Salih Mutlu Şen. ... ... more