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 (%)|
|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|
|Furnishings, household equipment||7.52||0.86||8.13|
|Recreation and culture||3.36||-1.32||5.89|
|Hotels, cafes and restaurants||6.58||0.63||14.32|
|Miscellaneous goods and services||4.28||-0.10||8.82|
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