Consumer prices rose 0.71% m/m in February, in line with market expectations, bringing the annual rate of inflation to 7.55% from 7.24% in January, data of the statistics office TUIK showed on March 3.
Food prices were up 2.59% m/m, adding 0.67 percentage points to the headline inflation, alcoholic beverages & tobacco prices fell 0.44% m/m shaving 0.02 percentage points. The decline in clothing prices was a sharp 6.58% m/m but transport costs rose 1.77% m/m adding another 0.29 percentage points to the February inflation. Communication prices increased 0.94% m/m, housing costs rose 0.46% m/m, data of TUIK also showed.
The core inflation, measured by the I-index, fell 0.14% m/m in February after rising 0.22% m/m in January. The annual increase in the I-index further eased to 7.73% from 8.63% in January.
TUIK also calculated that domestic producer prices rose 1.20% m/m in February, bringing the annual increase to 3.1% from 3.28% in January when domestic producer prices increased 0.33% m/m.
|February CPI by Main Expenditure Groups (%)|
|Food and non-alcoholic beverages||24.25||2.59||13.70|
|Alcoholic beverages and tobacco||4.82||-0.44||3.91|
|Clothing and footwear||7.38||-6.58||7.40|
|Furnishings, household equipment||7.78||0.23||7.37|
|Recreation and culture||3.54||0.58||6.03|
|Hotels, cafes and restaurants||6.98||1.06||12.66|
|Miscellaneous goods and services||4.60||0.59||9.18|
Turkey's strengthening fiscal and monetary policy mix and reforms should help secure a soft landing for its economy, Deputy Prime Minister Mehmet Simsek said on June 12. Ex-Wall Street banker ... more
A one to two-notch downgrade is implied for Turkey by the spread on its sovereign USD eurobond due 2028, Raiffeisen Bank International (RBI) said on June 12. In a note to investors, RBI analyst ... more
Iraq’s prime minister on June 5 told a news conference that he is surprised by Turkey’s decision to start holding back water behind its Ilisu dam earlier than pledged. Haider al-Abadi added ... more