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Financial News: Turkish Inflation Jumps To 70%, Manufacturing Shrinks

Turkish Inflation Jumps To 70%, Manufacturing Shrinks

05/05/2022 - 14:32:00 (RTTNews)

(RTTNews) - Turkey's consumer prices inflation accelerated sharply to nearly 70 percent in April and manufacturing shrank for the second straight month due to weaker demand, price and supply pressures, and the impact of the war in Ukraine.

Data from the Turkish Statistical Institute showed that the consumer price inflation accelerated to 69.97 percent in April from 61.14 percent in March. Economists had expected a 68.0 percent rise.

Prices for transportation increased the most, by 105.86 percent in April. This was followed by an 89.10 percent growth in prices of food and non-alcoholic beverages and a 77.64 percent rise in prices of furnishings and household equipment.

On a month-on-month basis, consumer prices rose 7.25 percent in April. Economists had forecast a rate of 6.0 percent.

Data also showed that the producer prices surged 121.82 percent annually in April, followed by 114.97 percent in March.

On a monthly basis, producer prices increased 7.67 percent in April.

Separately, survey results from S&P Global showed that the headline Istanbul Chamber of Industry Turkey manufacturing Purchasing Managers' Index fell to 49.2 in April from 49.4 in March. Any reading below 50 indicates contraction in the sector.

Production eased for the fifth month in a row in April.

New orders decreased for the seventh consecutive month and demand weakened in April. New export business eased for the first time since January.

The rate of input price inflation eased for the fourth straight month to its lowest level since September. Output costs increased sharply again in April.

Suppliers' delivery time lengthened and employment increased for the twenty-third month in a row.

"Both cost pressures and supplier delays were at the least pronounced since September last year, providing some hope that conditions will become more conducive to growth as this quarter progresses," Andrew Harker, Economics Director at S&P Global, said.

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