Annual inflation hit 83.45% in September, hitting a 24-year high, according to the Turkish Statistical Institute (TurkStat). The figure remained below the market expectation of 84.63%. The Consumer Price Index (CPI) rose by 3.08% last month. The Istanbul Wage Earners Cost of Living Index (WECLI) prepared by the Istanbul Chamber of Commerce (ITO) jumped 107.42%...
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Annual inflation hits 24-year high
Turkey has the highest inflation among OECD countries
Consumer prices in the OECD area reached 9.2% year-on-year in April, up from 8.8% compared to the previous month, according to a statement from the OECD. Nine OECD countries recorded double-digit inflation rates, with the highest rates experienced in Turkey and Estonia. Annual inflation hit 69.97% in Turkey, while it reached 18.8% in Estonia in...
Inflation expectations up by 11.5 points
The year-end inflation expectation rose to 57.92%, according to the results of the Market Participants Survey for May by Central Bank. The figure was 46.44% in the previous month’s survey. The CPI expectation for 24 months later, also increased from 17.68% to 19.54%. The participants’ current year-end USD/TRY expectation also rose from 16.85 in the...
TRY 100 and TRY 200 banknotes dominate the market
BY SEBNEM TURHAN Inflation, which rose to 69.97% in April, also increases the need for larger value banknotes. The share of TRY 100 and TRY 200 banknotes in the amount of money in circulation jumped from 40.56% to 87.96% in 13 years. The usage of the largest value banknotes has almost doubled after purchasing power...
Meaningful support to export investments
BY BADER ARSLAN Despite high price increases and the growing current account deficit, the Turkish economy is ending a quarter in which exports contributed significantly to industrial production and growth. Yes, a significant part of the first quarter performance, which exceeded 20 percent for exports, is due to global price increases and the growth of...
Interest rate remains steady
The Central Bank kept the policy rate steady at 14% at the Monetary Policy Committee (PPK) meeting in line with the market expectations. The expression that the Committee decided to strengthen the macroprudential policy set was added to the PPK’s statement. In a statement, the bank pointed out that rising energy costs resulting from geopolitical...
Hike in inflation expanded across subgroups: Central Bank
The prices of energy, food, and basic products made the most significant contributions to the surge in inflation in March, according to the Price Developments Report, prepared by the Central Bank. The report, where the bank interpreted March inflation data, also found that the increase in commodity prices has been exacerbated by geopolitical developments. Here...
OECD area inflation rises highest since December 1990
Annual inflation in the Organization for Economic Co-operation and Development (OECD) area hit 7.7% in February, the highest rate since December 1990. The rate increased from 7.2% in January and 1.7% in February 2021, according to an OECD statement released on Tuesday. Energy prices continued to increase inflation in a majority of OECD countries, and...
We are determined to reduce inflation: Nebati
Treasury and Finance Minister Nureddin Nebati stated following the Consultation and Evaluation meeting held with the Bursa Chamber of Commerce and Industry that the government is determined to reduce inflation permanently and maintain price stability. Nebati also said they expect a permanent decrease in inflation at the end of the year. He also added that...
Inflation breaks another record
The annual inflation rate jumped to 61.14% while consumer prices climbed by 5.46% in March, according to the Turkish Statistical Institute (TurkStat). Thus, the annual inflation has seen its highest level since 2001. The core inflation, meanwhile, rose from 44.1% to 48.4% last month. The domestic producer price index (D-PPI) increased month-over-month by 9.19% to...