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Financial News: Turkish Consumer Price Inflation, Producer Prices Rise

Turkish Consumer Price Inflation, Producer Prices Rise

08/03/2022 - 07:55:00 (RTTNews)

(RTTNews) - Turkey's consumer price inflation and producer prices increased further in July to set new highs, figures from the Turkish Statistical Institute showed on Wednesday.

The consumer prices index climbed 79.60percent year-on-year in July, following a 78.62 percent increase in June. That was below the 80.50 percent rise expected by economists.

Transportation costs alone surged 119.11 percent annually in July and prices for food and non-alcoholic beverages increased 94.65 percent.

Prices for furnishings and household equipment, and hotels, cafes and restaurants advanced by 88.35 percent and 79.14 percent, respectively.

On a monthly basis, consumer prices rose 2.37 percent in July versus an expected increase of 2.9 percent.

Separate data from the statistical office showed that producer price inflation increased to 144.61 percent in July from 138.31 percent in June.

Among the main industrial sectors, prices for the energy industry surged 350.64 percent yearly in July and those for intermediate goods gained 125.43 percent.

Prices for non-durable consumer goods and capital goods grew 118.20 percent and 91.61 percent, respectively. Prices for durable consumer goods rose 92.88 percent.

On a month-on-month basis, producer prices moved up 5.17 percent in July.

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