Financial News: Turkey Inflation At 15-Month Low

Turkey Inflation At 15-Month Low

11/04/2024 - 07:58:00 (RTTNews)

(RTTNews) - Turkey inflation slowed to a 15-month low in October but remained at an elevated level, data from the Turkish Statistical Institute showed on Monday.

Consumer prices posted an annual increase of 48.58 percent on a yearly basis in October compared to 49.38 percent increase in September. This was the lowest since July 2023.

Month-on-month, the consumer price index gained 2.88 percent compared to 2.97 percent in September.

Within the overall index, transportation posted the lowest annual growth of 26.14 percent. Meanwhile, education with 93.66 percent increase was the main group to log the highest annual rate.

Another data from the statistical office showed that producer price inflation slowed to 32.24 percent from 33.09 percent in September. On a monthly basis, producer prices grew 1.29 percent.

The downtrend in annual inflation will likely continue and the underlying inflation trend will remain on a downward path for the remainder of this year, ING economist Muhammet Mercan said.

The economist said a measured interest rate cut in December is still on the table, despite a higher-than-expected October reading, while the last inflation report of this year, which is to be released on November 8, is likely to provide more clarity on the CBT behaviour going forward.

The bank had maintained the interest rate unchanged at 50.0 percent over the last seven straight meetings. The bank aims to bring inflation down to 5 percent in the medium-term.

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