Financial News: Turkey Inflation At 16-Month Low; Producer Price Growth

Turkey Inflation At 16-Month Low; Producer Price Growth Eases

(RTTNews) - Turkey's consumer price inflation eased forr the sixth successivee month in April to the lowest level in more than a year amid a slowdown in prices in a broad number of categories, though it remained strong overall, the Turkish Statistical Institute showed on Wednesday.

Separate official data showed that producer prices continued their sharp upturn in April, though the pace of growth softened notably from March.

Consumer price inflation slowed to 43.68 percent in April from 50.51 percent in the previous month.

Further, the latest inflation was the lowest since December 2021, when prices had risen 36.08 percent.

Prices for food and non-alcoholic beverages grew 53.92 percent annually in April, though the pace of growth moderated from 67.9 percent in the prior month.

Health costs surged 66.62 percent and those of hotels, cafes and restaurants increased 47.95 percent.

Compared to the previous month, consumer prices increased by 2.39 percent in April, following a 2.29 percent gain in March.

Separate data from the statistical office showed that producer price inflation eased to an 18-month low of 52.11 percent in April from 62.45 percent a month ago.

Among the main industrial sectors, prices for the energy industry surged 49.33 percent yearly in April and those for non-durable consumer goods grew 50.57 percent.

On a month-on-month basis, producer prices edged up 0.81 percent in April versus a 0.44 percent rise in the preceding month.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2023 RTTNews.com. All Rights Reserved

Market News provided by RTTNews