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Financial News: Turkey Inflation Highest In 15 Years

Turkey Inflation Highest In 15 Years

10/03/2018 - 06:43:00 (RTTNews)

(RTTNews) - Turkey's inflation increased notably to the highest level in 15 years in September, raising scope for another interest rate hike.

Consumer price inflation surged to 24.52 percent in September from 17.9 percent in August, figures from the Turkish Statistical Institute showed Wednesday.

Economists had forecast an annual rate of 21.1 percent for September. In the same period last year, inflation was 11.2 percent.

Today's data increases the chances that the central bank will deliver another interest rate hike later this month, Jason Tuvey, an economist at Capital Economics, said.

But given the scale of last month's rate hike and continued pressure from President Tayyip Erdogan for rates not to be raised further, the policy will be left on hold, the economist noted.

The central bank had lifted its interest rate to 24 percent from 17.75 percent, last month, defying calls from the country's President for lower rates.

Month-on-month, consumer prices advanced 6.3 percent compared to consensus forecast of 3.4 percent.

Cost of food and non-alcoholic beverages grew 27.7 percent annually and clothing and footwear by 17.16 percent. Furnishing and household equipment cost climbed 37.28 percent.

Another report from the statistical office showed that producer price inflation increased sharply to 46.15 percent in September from 32.13 percent a month ago. This was also bigger than the expected 39.6 percent.

On a monthly basis, producer prices climbed 10.88 percent versus the expected rate of 6 percent.

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