Automotive sector output in Hungary edges up 1.6% y/y in February
18 hours ago
Turkey’s CPI-based Real Effective Exchange Rate (REER) index rose to 69.03 from the record low of 61.49 (revised) posted in September, central bank data showed on November 6.
The index stood at 85.19 at the end of 2017. In January, the index edged up to 85.87 but it then registered declines at an escalating pace across the following eight months. The first all-time low level seen this year occurred in March.
Notably, the October reading is still below July’s 75.93.
A higher REER points to the Turkish lira (TRY) gaining value in real terms against foreign currencies while a decline in the index indicates it has lost real value.
The TRY was trading at 5.3568 against the USD, weaker by 0.87% d/d, as of 16:00 Istanbul time on November 6.
The TRY’s weakest ever level against the dollar, namely TRY7.24, was recorded on August 23.
Annual inflation in Turkey moved up to 25.24% in October from 24.52% in September, according to figures from the Turkish Statistical Institute (TUIK) announced on November 5. It was posted as the highest level on record since the end of 2003 and slightly exceeded expectations.
Producer prices lost pace in October but PPI-led cost pressures kept to a strong trend, the central bank said on November 6 in its regular monthly price developments note.
Related Content
Data
Automotive sector output in Hungary edges up 1.6% y/y in February
Headline industrial output rose 1.8% in February, increasing for the first month in about a year.
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Slovak inflation eased further to 2.3% in March
Prices in the alcohol and tobacco sector increased by 19% y/y, including the 9.1% spike in tobacco prices as a result of the new consumption tax.
Polish inflation eases further to 2% y/y in March
The inflation rate landed within the National Bank of Poland’s target of 1.5%-3.5% for a second successive month
CEE falling inflation trend comes to an end
After spiking to 20-year highs thanks to the pandemic and Europe’s Russian induced energy crisis, inflation rates across the EU have tumbled in recent months. That trend has ended and CEE central banks are expected to hike rates again in 2H24.
Hungary’s CPI edges lower, but price pressures remain in service sector
Consumer prices in Hungary rose 3.6% y/y in March, but services' prices rose almost 10%.
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