Inflation driven by basic goods, food, energy: Turkish Central Bank

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The surge in Turkey’s annual inflation has been driven by rises in basic goods, food and energy prices, the Central Bank said in a monthly report released on Oct. 4.

“In September, consumer prices rose by 6.30 percent and annual inflation increased by 6.62 percent to 24.52 percent. Price increases spread among the subgroups, and the main drivers of the uptick in inflation were core goods, food and energy groups,” the Turkish Central Banksaid in the September Price Developments report published on its website.

“The reflections of the recent exchange rate developments were felt significantly on many categories as the annual inflation rose substantially in core goods led by durable consumer goods,” it added.

The Central Bank also said the high price increases, even in categories which have low exchange rate transitivity, such as services, were remarkable.

The producer price index, which hit a record of 46.15 percent, has shown the strengthening press pressures via energy and intermediate goods, according to the report.

The contribution of subcategories to inflation indicates month-on-month increases of 3.31, 1.77, 0.64 and 0.13 points in core goods, food, energy, services and gold groups, respectively.

The annual inflation of 24.52 percent marks the highest rate since 2003 in Turkey.

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