Consumer prices rose 0.18% y/y in November, lower than the market consensus forecast of a 0.3% rise, as food inflation eased and transportation costs dropped in the month, data of the statistics office, TUIK, showed on December 3. The annual inflation accelerated to 9.15% from 8.96% in October.
The rise in food prices eased to 0.24% m/m in November from 2.65% m/m in October, adding 0.06 percentage points to headline inflation. The annual food inflation still stood at a high of 14.37%. Clothing prices rose 4.11% m/m, adding another 0.31 percentage points, transportation costs fell 1.79% m/m shaving 0.29 percentage points from headline inflation. Communication prices were down 0.13% m/m.
The core inflation (measured by the I-index; one of the Central Bank’s favourite indicators) rose 0.62% m/m in November, after a 1.57% m/m increase in the previous month, bringing the annual inflation rate to 9.03%. The I-index excludes the prices of energy, food and non-alcoholic beverages, alcoholic beverages and tobacco products and gold.
Domestic producer prices that showed a 0.92% m/m increase in October fell 0.97% m/m in November, data showed. The annual producer price inflation eased to 8.36% from 10.10%.
According to the medium-term programme, the government expects CPI inflation to fall to 6.3% next year after hitting 9.4% this year.
| 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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