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Financial News: Turkey Inflation Sharpest Since Late 2008

Turkey Inflation Sharpest Since Late 2008

05/03/2017 - 03:31:00 (RTTNews)

(RTTNews) - Turkey's inflation rose at the fastest pace in eight-and-a-half years in April, figures from the Turkish Statistical Institute showed Wednesday.

Consumer prices advanced 11.87 percent year-on-year in April, following a 11.29 percent rise in March. Prices were expected to climb 11.72 percent.

This was the fastest increase since October 2008, when prices climbed 11.99 percent.

Month-on-month, consumer prices gained 1.31 percent versus March's 1.02 percent increase. Monthly inflation came in line with expectations.

Another report from the statistical office showed that producer price inflation rose unexpectedly to 16.37 percent in April from 16.09 percent in March.

A higher inflation was last seen in July 2008, when prices surged 18.41 percent. Economists had forecast the rate to ease to 15.9 percent.

On a monthly basis, producer prices moved up 0.76 percent after rising 1.04 percent in the prior month.

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