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Financial News: Turkey Inflation Highest Since Oct 2008

Turkey Inflation Highest Since Oct 2008

04/03/2017 - 05:52:00 (RTTNews)

(RTTNews) - Turkey's consumer price inflation accelerated at a faster-than-expected pace in October to the highest level in almost eight-and-a-half years, figures from the Turkish Statistical Institute showed Monday.

The consumer prices index climbed 11.29 percent year-over-year in March, faster than the 10.13 percent increase in the prior month. Economists had expected the inflation to rise to 10.7 percent.

This was the highest inflation since October 2008, when prices had grown 11.99 percent.

Prices of food and non-alcoholic beverages rose 12.53 percent annually in March and transport costs surged by 17.69 percent.

On a monthly basis, consumer prices went up 1.02 percent from February, when it increased by 0.81 percent. It was forecast to grow by 0.63 percent.

Another report from the statistical office showed that domestic producer price inflation quickened to 16.09 percent in March from 15.36 percent in February. That was above the 14.64 percent spike expected by economists.

The latest PPI inflation was the strongest since July 2008, when prices had jumped 18.41 percent.

Month-on-month, producer prices increased 1.04 percent in March, while it was expected to drop by 0.23 percent.

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