Turkey Inflation At 24-Year High; PPI Rises Sharply
Turkey’s consumer price inflation accelerated further to a twenty-four year high in September, while producer prices rose at a faster rate, figures from the Turkish Statistical Institute showed on Monday.
The consumer price inflation surged to 83.45 percent in September from 80.21 percent in August.
In spite of rising prices, the central bank surprised markets by cutting rates twice in the last two months.
Transportation costs surged 117.66 percent annually in September and prices for food and non-alcoholic beverages increased 93.05 percent.
Prices for furnishings and household equipment rose 89.68 percent. Prices for alcoholic beverages and tobacco, and hotels, cafes and restaurants climbed 82.48 percent and 81.34 percent, respectively.
On a monthly basis, consumer prices rose 3.08 percent in September versus 1.46 percent in August.
Separate data from the statistical office showed that producer price inflation quickened to 151.50 percent in September from 143.75 percent in August.
Among the main industrial sectors, prices for electricity, gas, and steam jumped 416.58 percent yearly in September and those for the mining and quarrying industry surged 164.59 percent.
Prices for energy goods showed sharp annual growth of 347.35 percent.
On a month-on-month basis, producer prices advanced 4.78 percent in September.
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