Turkey's annual inflation falls steeply in January

Yearly increase in consumer prices fell to 10.35 percent in January, compared with 11.92 pct in December 2017: TurkStat

By Muhammed Ali Gurtas

Consumer prices in Turkey rose 10.35 percent in January year-on-year, marking a 1.57 percentage point decrease compared with the figure in the previous month, according to the Turkish Statistical Institute (TurkStat) Monday.

The January figure was down from 11.92 percent in December 2017, standing below expectations.

On Friday, Anadolu Agency’s Finance Desk survey of 17 economists predicted an annual inflation of 10.72 percent for January and an average 1.36 percent monthly increase in consumer prices.

The economists expected year-end inflation of 9.49 percent -- with the highest forecast at 8.70 percent and the lowest at 12.10 percent.

On a yearly basis, the highest inflation was seen in transportation prices last month -- up 16.02 percent -- and furnishing and household equipment with 13.49 percent.

"Clothing and footwear with 12.63 percent, hotels, cafes and restaurants with 11.42 percent and miscellaneous goods and services with 11.38 percent were the other main groups where high annual increases [were] realized," TurkStat said.

Last month, change in the consumer price index was a 1.02 percent increase on a monthly basis -- a climb from 0.69 percent in December 2017 -- official data showed, while the highest monthly increase was 2.96 percent in miscellaneous goods and services.

"In January 2018, the indices rose for furnishing and household equipment 2.44 percent, for health 2.42 percent, for housing 2.34 percent and for food and non-alcoholic beverages 1.67 percent," the institute said.

TurkStat noted the highest monthly decrease was in clothing and footwear with 6.02 percent decline; decrease was also seen in communication by 0.99 percent among the main expenditure groups.

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