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Financial News: Turkey Inflation At 9-Year High

Turkey Inflation At 9-Year High

11/03/2017 - 04:09:00 (RTTNews)

(RTTNews) - Turkey's consumer price inflation accelerated at a faster-than-expected pace in October to the highest level in nine years, figures from the Turkish Statistical Institute reported Friday.

The consumer price index climbed 11.90 percent year-over-year in October, faster than the 11.20 percent spike in September. Economists had expected the inflation to rise to 11.50 percent.

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

Prices of food and non-alcoholic beverages grew 12.74 percent annually in October and transport costs surged by 16.79 percent.

On a monthly basis, consumer prices went up 2.08 percent from September, when it increased by 0.65 percent. That was above the 1.7 percent rise expected by economists.

Another report from the statistical office showed that producer price inflation quickened to 17.28 percent in October from 16.28 percent in September.

Month-on-month, producer prices climbed 1.71 percent October, following a 0.24 percent increase in the preceding month. The expected rise was 0.6 percent.

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