Turkey inflation accelerates slightly, exceeds forecasts

ANKARA

Domestic producer prices increased 10.10 percent year-on-year in October after a 9.84 percent climb in September.

Turkey’s consumer prices increased at a slightly faster-than-expected pace in October, figures from the Turkish Statistics Institute (TÜİK) revealed on Nov. 3.

The consumer price index climbed 8.96 percent annually following an 8.86 percent rise in September.

Month-on-month, consumer prices increased 1.90 percent in October, slightly exceeding economists’ forecast of a 1.86 percent increase.

The clothing and footwear segment led the monthly increase with a 9.95 percent jump in prices, while transport costs declined 0.18 percent.

Separately, TÜİK said domestic producer prices increased 10.10 percent year-on-year in October after a 9.84 percent climb in September. It was the highest figure in five months.

The yearly inflation target for 2014 was recently revised to 9.40 percent by the government, and 8.90 percent by the Central Bank.