Inflation in Turkey
Turkey - Inflation (end of period)
Inflation edges down in April
Consumer prices rose 1.69% month-on-month in April in Turkey, up from March’s 1.03% increase. The latest outturn came in below market expectations of a stronger monthly price increase of 1.90%. April’s month-on-month rise in consumer prices was driven by a stronger uptick in prices for transportation, and housing, water, electricity, gas and other fuels. While alcoholic beverages and tobacco also became significantly more expensive, prices for food and non-alcoholic beverages rose at a softer pace.
Inflation, meanwhile, edged down from 19.7% in March to 19.5% in April, the lowest reading since August 2018. Core inflation, excluding more volatile price items such as energy and food, eased to 16.3% from 17.5% in March and continued its downward trend on the back of plummeting domestic demand.
Despite still-high inflation, the Central Bank removed its tightening bias from its forward-looking guidance at its 26 April meeting. This was initially viewed as opening the door to a premature easing cycle. However, the governor of the Central Bank has since clarified the Bank’s position, making clear that further monetary tightening is still not out of the question.
Met the why particular Consensus Forecast panelists expect consumer price inflation to end 2019 at 14.9% and 2020 at 11.2%.
Turkey - Inflation (eop) Data
|Inflation Rate (CPI, annual variation in %, eop)||7.4||8.2||8.8||8.5||11.9|
5 years of economic forecasts for more than 30 economic indicators.
Turkey Inflation (eop) Chart
Source: Statistical Institute and Met the why particular calculations.
|Bond Yield||19.67||-0.09 %||May 13|
|Exchange Rate||6.06||-0.85 %||May 13|
|Stock Market||86,283||1.41 %||May 13|
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May 14, 2019
Output in Turkey’s industrial sector fell 2.2% year-on-year in March, up from February’s slightly revised 5.0% drop (previously reported: -5.1% year-on-year).
May 13, 2019
Turkey’s current account deficit narrowed from USD 4.7 billion in March 2018 to USD 589 million in March 2019, which marked the smallest shortfall since November 2018 and an improvement from February’s revised USD 739 million gap (previously reported: USD 718 million deficit).
May 7, 2019
Finance Minister Berat Albayrak outlined much anticipated new policy measures on 11 April in the face of a prolonged downturn in the Turkish economy, characterized by sky-high inflation, high unemployment, an elevated corporate debt burden and a rising stock of non-performing loans.
May 3, 2019
Consumer prices rose 1.69% month-on-month in April in Turkey, up from March’s 1.03% increase.
May 2, 2019
Turkey’s manufacturing sector opened the second quarter on a sour note: The Purchasing Managers’ Index (PMI) ticked down to 46.8 in April from 47.2 in March, indicating that operating conditions worsened at a stronger pace.