Turkish Inflation Rate Accelerates for Second Straight Month

In January of 2014, Turkey’s CPI accelerated for the second straight month to 7.75 percent due to higher transport, food and cigarette prices. Inflation has been on an upward trend in recent months driven by a weak lira and higher-than-expected global oil prices.

Year-on-year, transport prices recorded the highest increase (11.95 percent), followed by cost of food and non-alcoholic beverages (10.89 percent), hotels, cafes and restaurants (10.7 percent) and education (10.0 percent). Prices of alcoholic beverages and tobacco rose 3.94 percent on the year and cost of communications recorded the lowest annual growth rate (0.62 percent).

On a monthly basis, prices accelerated sharply to 1.98 percent, after rising 0.46 percent in the last month of 2013. The indices rose for alcoholic beverages and tobacco 7.45 percent, transportation 2.50 percent, miscellaneous goods and services 2.43 percent and health 1.86 percent.

In January of 2014 within average prices of 432 items, average prices of 40 items remained unchanged while average prices of 295 items increased and 97 items decreased.

Turkish Inflation Rate Accelerates for Second Straight Month

Turkstat |Joana Taborda | joana.taborda@tradingeconomics.com
2/5/2014 3:41:48 PM