Food inflation remained elevated in November but energy inflation eased due to the declining oil prices in international markets, the Central Bank said on December 4 in a note on the November inflation.
Consumer prices rose 0.18% y/y in November (market consensus forecast: 0.3%), and the annual inflation accelerated to 9.15% from 8.96% in October. Food inflation was 0.24% m/m in the month, easing from the previous month’s 2.65% m/m. It contributed 0.06 percentage points to the headline inflation and the annual food inflation stood at 14.37% in November. Unprocessed food prices fell 0.54% m/m for an annualised inflation rate of 15.29% for this group while processed food prices rose 0.95% m/m, bringing the annual increase to 13.61%, data of the Central Bank showed. Energy prices showed a 1.44% m/m decline and the energy price inflation stood at 2.68% y/y in November.
The underlying trend in core inflation indicators continued to improve in November, the Central Bank also said, noting that the y/y increase in the I-index remained flat compared to October. The I-index (excludes the prices of energy, food and non-alcoholic beverages, alcoholic beverages and tobacco products and gold) rose 0.62% m/m in November and the annual rise was 9.03%.
| 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 | |||
Related Articles
Iran's Araghchi arrives in Turkey for talks on US military build-up as Ankara looks to act as mediator
Iranian Foreign Minister Abbas Araghchi arrived in Istanbul on January 30 for meetings with Turkish officials to discuss regional issues amid what he described as serious challenges posed by US ... more
TPAO and ExxonMobil sign deal for offshore exploration
The Turkish Petroleum Corp. (TPAO) has formalised a strategic partnership with Esso Exploration International, a subsidiary of ExxonMobil, marking a significant escalation in Türkiye’s ambitions ... more
Turkish LPG carrier set on fire during Russian drone attack
A Turkish LPG carrier docked at the port of Izmail, Ukraine, was hit by a Russian drone during an attack, sparking a fire on the vessel, which has now been extinguished. According to the Maritime ... more