Turkey: Inflation slows in October from the prior month
Latest reading: Consumer prices increased 32.9% on a year-on-year basis in October, following a 33.3% increase in the prior month. The October reading was below market expectations and marked a nearly four-year low.
Relative to the previous month’s data, there were reduced price pressures for food and non-alcoholic beverages (+34.9% on a year-on-year basis vs +36.1% in September), housing and utilities (+51.0% vs +51.4% in September), restaurants and hotels (+33.8% vs +33.9% in September) and clothing and footwear (+8.0% vs +9.8% in September). In contrast, price pressures were higher for transport in October (+27.3% vs +25.3% in September).
Meanwhile, core consumer prices increased 32.1% on a year-on-year basis in October, following a 32.5% increase in the prior month.
Lastly, consumer prices rose 2.55% in October on a month-on-month basis, following a 3.23% rise in the previous month.