Turkish November inflation comes in at 0.18% m/m, lower than expectations

By bne IntelliNews December 3, 2014

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      
Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Despite local elections defeat Erdogan “remains in control” at head of “super-executive regime”, says analyst

Despite his AKP party’s defeat in the weekend’s local elections, Turkish President ... more

Turkish footwear manufacturers step up investments in Uzbekistan’s leather and footwear industries

Turkish footwear manufacturers are stepping up their investments in Uzbekistan’s leather and footwear industries, according to local reports. A $1mn investment in the manufacture of leather, ... more

Shipping companies latest to feel effects of “West’s very tight blockade against Turkey’s banking system", says report

Shipping companies are the latest to feel the effects of “the West’s very tight blockade against the Turkish banking system”, according to a report by Turkish publication Ekonomim. In ... more

Follow Us On

Most Read

  1. Iran vs Israel: Who is better equipped for war?
    6 days ago
  2. Saudi Arabia to scale back plans for Neom city
    9 days ago
  3. BREAKING: Iraq, Syria and Jordan close airspace amid Iranian strike on Israel
    6 days ago
  4. Oil continues to flow to Israel via Turkey despite Erdogan’s vehement speeches on plight of Gaza
    5 months ago
  5. Russia’s war economy boosted by rising oil prices
    3 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    20 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    24 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. UBN: Russia could take the Baltic states in 48 hours
    29 days ago
  5. BRICS announce a blockchain-based payment system to create a common currency
    22 days ago

Reports

Dismiss