Consumer prices in Turkey in September increased by 49.4% in annual terms, according to a report by the country’s statistical institute (Turkstat). The growth rate slowed from 52% in August and was the lowest since July 2023. The weakening of inflation was noted for the fourth consecutive month.
The consensus forecast of experts, cited by Trading Economics, assumed an even more significant slowdown in consumer price growth – to 48.3%.
The increase in the cost of food and non-alcoholic beverages in September slowed to 43.7% from 44.9% in August, transportation services to 26.6% from 29%, and utilities to 97.87% from 101.49%. Prices in hotels, cafes and restaurants increased by 65.41% (+67.7% a month earlier), alcohol and tobacco products went up by 52.35% (+60.94%), educational services by 93.59% (+120.81%), and medical services by 50.7% (+53.49%).
Consumer prices in Turkey in September increased by 2.5% compared to the previous month after rising by 3.2% in August.
Producer prices (PPI index) in the country last month increased by 33.09% in annual terms and by 1.37% in monthly terms, Turkstat reported. In August, they rose by 35.75% and 1.68%, respectively.
The Turkish Central Bank has kept its key interest rate at 50% since March this year, and tight monetary policy has helped to ease inflation. Back in June 2023, the rate was at 8.5%.
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