Turkey’s consumer price inflation climbed more than estimated in December, led by a surge in food, alcohol and tobacco prices.
The annual inflation rate was 8.53 percent last month, compared with 7 percent in November, Turkey’s statistics institute said on Tuesday. The median estimate in a Bloomberg survey of economists was an increase to 7.60 percent, with 8.5 percent the highest prediction.
Food prices rose an annual 5.7 percent, compared with 3.6 percent a month earlier. Alcohol and tobacco prices rose 7.33 percent in the month and 32 percent over the previous year.
Here are the highlights from the report:
The annual inflation rate rose for the first time since July. The cost of transportation services, which are sensitive to weakening currency and subsequent rises in fuel prices, rose an annual 12.4 percent through last month, compared with 9.6 percent in November.
Core inflation, which excludes volatile items such as food, energy and gold, accelerated to 7.5 percent from 7 percent in November. Monthly inflation was 1.64 percent; the median estimate in a Bloomberg survey was 0.9 percent.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. To subscribe to ESM: The European Supermarket Magazine, click here.
