Turkey’s annual inflation rate reached 33.29% in September compared to 32.95% in August, exceeding market expectations for a CPI of 32.5% and ending 15 consecutive months of disinflation in the country, the Turkish Statistical Institute (TÜİK) said on Friday.
As indicated in its report, the sharpest increases were in the education (up 66.1%), housing (51.36%) and food and non-alcoholic beverages (36.06%) sectors. In contrast, the smallest price increases occurred in clothing and footwear (9.8%), communications (23.2%) and alcoholic beverages and tobacco (24.49%).
TÜİK specifies that the three expenditure groups that had the greatest weight on inflation were food and non-alcoholic beverages (36.06% year-on-year increase), transport (25.3%) and housing (51.36%). According to the statistical agency, the contributions of these groups to the annual increase in the CPI were 8.60% in the case of food and non-alcoholic beverages, 4.15% for transport and 7.85% for housing.
Monthly inflation rose by 3.23% in September, compared to the 2.04% increase in August, again above market forecasts, which had estimated an increase of 2.6%. These data put an end to a run of fifteen consecutive months of falling inflation in Turkey, where the Turkish Central Bank has set an inflation target of 24% for the end of this year, and could condition further interest rate cuts in the future.
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Pablo Gómez is a specialist in Turkey and has been editor-in-chief of Hispanatolia since 2011. He has been analysing current affairs and geopolitics in Turkey and the surrounding region since 2006.
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