Financial News: Turkey Inflation At 1-Year Low; Producer Price Growth

Turkey Inflation At 1-Year Low; Producer Price Growth Eases Sharply

(RTTNews) - Turkey's consumer price inflation eased further in February to the lowest level in a year amid a slowdown in prices in a broad number of categories, though it remained strong overall, the Turkish Statistical Institute showed on Friday.

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

Consumer price inflation eased to 55.18 percent in February from 57.68 percent in January.

Further, the latest inflation was the lowest since February 2022, when prices had risen 54.44 percent.

Prices for food and non-alcoholic beverages grew 69.33 percent annually in February, though the pace of growth slowed from 71.0 percent in the prior month.

Health costs surged 70.08 percent and those of hotels, cafes and restaurants increased 74.34 percent.

Compared to the previous month, consumer prices increased by 3.15 percent in February, slower than the 6.65 percent gain in January.

Separate data from the statistical office showed that producer price inflation eased to a 15-month low of 76.61 percent in February from 86.46 percent a month ago.

Among the main industrial sectors, prices for the energy industry surged 129.50 percent yearly in February and those for intermediate goods grew 57.05 percent.

Prices for non-durable consumer goods and durable consumer goods climbed by 92.65 percent and 60.34 percent, respectively. Prices for capital goods rose 58.04 percent.

On a month-on-month basis, producer prices moved up 1.56 percent in February versus a 4.15 percent rise in the preceding month.

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