Core Rises Further Despite Lira Stability

TURKEY - Report 05 Sep 2017 by Murat Ucer

Consumer prices rose by a markedly higher than expected 0.5% in August, taking the 12-month rate sharply higher to 10.7%, from 9.8% in July. Producer prices and core inflation (C-index) also rose further to 16.3% and 10.2%, respectively (from 15.5% and 9.6%), while service inflation was stable, but remains too high for comfort, at a near-double-digit rate (9.4%), which also happens to be reasonably broad-based. Finally, food inflation rose, too, in 12-month terms (to 12% from 10.1%), but this accounted for about half of the increase in the 12-month headline CPI rate (Tables 1-2; Graphs 1-3).

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