Turkish October Inflation Rate Highest Since 2003
The Turkish consumer price inflation increased to 25.24 percent year-on-year in October of 2018 from a 24.52 percent in the prior month, and beating market expectations of 24.5 percent. It was the highest inflation rate since July 2003, as both food and housing prices increased faster while transport prices continued to rise amid a falling lira.
11/5/2018 9:38:14 AM
Main upward pressure came from: food and non-alcoholic beverages (29.26 percent vs 27.70 percent in September); housing and utilities (25.72 percent vs 21.84 percent); transportation (32 percent vs 36.61 percent); furnishing and household equipment (37.92 percent vs 37.28 percent); hotels, cafes and restaurants (20.06 percent vs 19.09 percent); clothing and footwear (18.45 percent vs 17.16 percent); alcoholic beverages and tobacco (2.06 percent vs 1.88 percent); and miscellaneous goods and services (31.50 percent vs 30.61 percent).
Annual core inflation rate, which excludes energy, food and non-alcoholic beverages, alcoholic beverages, tobacco and gold, rose to an all-time high of 24.34 percent in October from a 24.05 percent in the previous month.
On a monthly basis, consumer prices went up 2.67 percent in October, beating market expectations of a 2 percent gain and following a 6.30 percent rise in September. The sharpest increases were recorded for clothing (12.74 percent); housing, water, electricity, gas and other fuels (4.15 percent); furnishing, household equipment (3.44 percent); food and non-alcoholic beverages (3.22 percent); recreation and culture (2.07 percent), and communication (2.05 percent).