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Financial News: Turkish Consumer Prices Lowest In 9 Months; Producer

Turkish Consumer Prices Lowest In 9 Months; Producer Price Inflation Slows Sharply

01/03/2023 - 05:03:00 (RTTNews)

(RTTNews) - Turkey's consumer price inflation and producer prices slowed sharply in December, but the rates remained strong, figures from the Turkish Statistical Institute showed on Tuesday.

Consumer price inflation eased to 64.27 percent in December from 84.39 percent in November. Economists had expected a rise of 66.53 percent.

The latest inflation was the lowest since March, when prices rose 61.14 percent.

Housing costs climbed 79.83 percent annually in December and prices for food and non-alcoholic beverages grew 77.87 percent.

Prices for furnishings and household equipment rose 73.02 percent and those of hotels, cafes and restaurants increased 68.48 percent.

Health costs advanced 66.60 percent and prices for alcoholic beverages and tobacco rose 65.11 percent.

Compared to previous month, consumer prices increased by 1.18 percent in December.

Separate data from the statistical office showed that producer price inflation eased to 97.72 percent in December from 136.02 percent in November.

Among the main industrial sectors, prices for the energy industry surged 224.67 percent yearly in December and those for intermediate goods grew 70.91 percent.

Prices for non-durable consumer goods and durable consumer goods climbed by 101.63 percent and 78.57 percent, respectively. Prices for capital goods rose 65.16 percent.

On a month-on-month basis, producer prices declined 0.24 percent in December.

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