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Financial News: Turkey Inflation Accelerates Less Than Forecast

Turkey Inflation Accelerates Less Than Forecast

08/03/2018 - 04:20:00 (RTTNews)

(RTTNews) - Turkey's consumer price inflation accelerated at a slower-than-expected pace in July, but hit its highest level in just over fourteen years on weakening Lira.

Inflation rose to 15.85 percent in July from 15.39 percent in June, the Turkish Statistical Institute reported Friday.

However, that was below the expected level of 16.3 percent.

Prices of food and non-alcoholic beverages alone grew by 19.40 percent annually in July transport costs jumped by 24.21 percent.

On a monthly basis, consumer prices increased 0.55 percent from June, when it gained by 2.61 percent. The expected increase was 1.0 percent.

Producer price inflation also quickened in July to 25.0 percent from 23.71 percent in June. Economists had expected the inflation to rise to 23.8 percent.

Monthly, producer prices climbed 1.77 percent in July versus the expected increase of 0.9 percent.

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