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Turkey CPI growth rate dropped sharply to 9.26% in September

2019-10-03T09:35:16.823Z


[Istanbul 3rd Reuters]-The Turkish Census Bureau announced that the September Consumer Price Index (CPI) rate of increase was 9.26% compared to the same month last year, down sharply from 15.01% last month. The background of high prices in the same month last year


[Istanbul 3rd Reuters]-The Turkish Census Bureau announced that the September Consumer Price Index (CPI) rate of increase was 9.26% compared to the same month last year, down sharply from 15.01% last month.

Against the backdrop of high prices in the same month last year, the CPI increase rate is expected to return again to around 12-13% by the end of the year.

The central bank of Turkey has cut its interest rate by 750 basis points (bp) since late July, but there seems to be some room for monetary easing.

The market forecast compiled by Reuters was 9.6%. This is the first time in the past two years that the CPI increase rate has reached a single digit.

The CPI increase rate in September was 0.99% compared to the previous month. This was below the market forecast of 1.30%. The price of food and non-alcoholic beverages has dropped.

Rila rose 0.2% after CPI statistics were released, trading at 0729 GMT (4:29 pm Japan time) at $ 1 = 5.6900 lira.

In Turkey, inflation rose sharply in September last year against the backdrop of the currency crisis. In October last year, the CPI increase rate exceeded 25% year-on-year, marking the highest in the past 15 years.

The Turkish government expects the CPI growth rate to slow to 8.5% by the end of next year and the economic growth rate to accelerate to 5%. Concerns have been raised that mitigation will cause the lira to fall.

September producer price index (PPI) rose 0.13% month-on-month and 2.45% year-on-year.

Source: asahi

All news articles on 2019-10-03

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