Turkey's annual inflation up to double digits

Turkeys annual inflation up to double digits
Date: 5.9.2017 12:30

Turkey's consumer price index rose by 0.52 percent in August, while annual inflation hit double digits at 10.68 percent, up from 9.79 percent in July, the Turkish Statistical Institute (TurkStat) said Tuesday.

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On Monday, Anadolu Agency's Finance Desk's survey of 14 economists predicted an average 0.15 percent increase in the monthly rate and an annual rate of 10.27 percent. The economists forecast year-end inflation rate at 9.38 percent.
 
TurkStat's report showed the highest monthly rise was in the education sector which saw a 2.79 percent increase in prices as the new school year nears. It was followed by transportation category with 2.05 percent, furnishing and household equipment with 1.66 percent, hotels, cafes and restaurants with 1.03 percent and housing and miscellaneous goods and services with 0.71 percent.
 
The highest monthly decrease was in clothing and footwear category with 3.09 percent. A decrease by 0.22 percent was also reported for the food and non-alcoholic beverages category.
 
The highest annual increase was in transportation category with 17.38 percent, followed by food and non-alcoholic beverages with 11.97 percent, health with 11.66 percent, recreation and culture with 11.19 percent and hotels, cafes and restaurants with 11.07 percent. The categories with top three increases constitute the main expenditure items for consumers and they are expected to effect the pay raise ratio for the private sector for 2018.

YEREL HABERLER

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