The rate of growth in consumer prices in Turkey accelerated in December to a 13-month high since November 2022. This is reported by Trading Economics.
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What is happening with the economy
Inflation amounted to 64.8% compared to 62% in November, according to the country’s statistical institute (Turkstat).
At the same time, analysts on average predicted an even more significant acceleration – to 65.1%.
Prices for utility services in December increased by 40.4% (a month earlier – 37.5%), for transport services – by 77% (by 70%), for hotels, cafes and restaurants – by 93.2% (by 92.9%). Food prices rose by 72% compared to 67.2% in November.
Meanwhile, on a monthly basis, inflation weakened to 2.9% in December from 3.3% in November.
Core inflation, which does not take into account the cost of food, energy, tobacco products and gold, amounted to 70.6% in December compared to 69.9% a month earlier, Turkstat reports. This is the maximum growth rate since the beginning of calculations in 2004.
Read: The Turkish lira fell to a new historical low
Producer prices (index PPI) in Turkey last month increased by 44.2% over the year and by 1.1% compared to November.
