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Financial News: Turkish Consumer Prices, Producer Price Inflation Accelera

Turkish Consumer Prices, Producer Price Inflation Accelerates

06/03/2022 - 05:17:00 (RTTNews)

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

The consumer prices index rose 73.50 percent year-on-year in May, following a 69.97 percent increase in April. Economists had expected 76.55 percent inflation.

Transportation costs surged 107.62 percent annually in May and prices for food and non-alcoholic beverages increased 91.63 percent.

Prices for furnishings and household equipment, and hotels, cafes and restaurants advanced by 82.08 percent and 76.83 percent, respectively.

On a monthly basis, consumer prices rose 2.98 percent in May. Economists had expected a 4.8 percent increase.

Separate data from the statistical office showed that producer price inflation increased to 132.16 percent in May from 121.82 percent in April.

Among the main industrial sectors, prices for the energy industry rose 300.16 percent yearly in May and those for intermediate goods gained 122.21 percent.

Prices for non-durable consumer goods and capital goods grew 106.82 percent and 79.08 percent, respectively. Prices for durable consumer goods rose 83.41 percent.

On a month-on-month basis, producer prices rose 8.76 percent in May.

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