Mubasher TV
Contact Us Advertising   العربية

Turkish inflation hits 15-yr high in October

Turkish inflation hits 15-yr high in October

Mubasher: Turkey's state statistics agency on Monday said that the consumer price index (CPI) hiked 25.24% year-on-year in October, versus 24.5% in September, to remain at a 15-year high.

This was driven by the rise in transportation prices, while investor concerns remain over slowing growth, according to MarketWatch.

Month-on-month, the CPI slowed to 2.67% in October from 6.3% in September.

These readings went against the expectations in Foreks poll, at 24.37% and 1.97% on yearly and monthly base, respectively.

Murat Cetinkaya, governor of the Turkish Central Bank, last week lifted the inflation projection for 2018 to 23.5% from 13.4%, while the bank’s 2019 inflation forecast rose to 15.2% from 9.3%.

The governor attributed its higher forecast to upward revisions in the assumptions for oil and food prices as well as currency depreciation.

The Turkish lira traded 0.1% lower against the US dollar at 5.4376 after data released.

The Turkish economy last year grew 7.4%, outpacing any of G20 countries.

The Turkish government announced a new economic plan, expecting the economy to slow to 3.8% in 2018 and 2.3% in 2019, while the International Monetary Fund’s (IMF) estimates Turkey's growth at 3.5% this year, falling to 0.4% next year.