Turkey's annual inflation rises in September
ANKARA
Turkey's annual inflation rate climbed in September compared to the previous month, the Turkish Statistical Institute (TÜİK) announced on Oct. 4.
Consumer prices rose 19.58% year-on-year last month, from 19.25% in August, TÜİK said.
The figure, however, was lower than market expectations as a group of 16 economists projected an average annual climb of 19.69%.
Food and non-alcoholic beverages showed the greatest year-on-year price rise of 28.79%, followed by a 23.27% price increase in furnishing and household equipment, and hotels, cafes, restaurants.
The lowest annual increase was 1.80% in alcoholic beverages and tobacco.
Meanwhile, monthly inflation also climbed 1.25% in September compared to the previous month.
Turkey's Central Bank has forecast that inflation will hit 14.1% by the end of the year. In September, its chief signaled a shift away from headline inflation figure to core inflation.
"We think temporary factors on the inflation outlook will ease in the short term and inflation will take a downward trend in the last quarter," he said.
According to the country’s medium-term economic program announced last month, Turkey's annual inflation is projected to hit 16.2% by the end of this year.
It is expected to fall to 9.8% by the end of 2022, while the year-end targets for 2023 and 2024 are 8% and 7.6%, respectively.
