Thursday, Jun 27

Turkey's annual inflation slips in December

Consumer prices in December down 0.40 percent compared to previous month, according to official data.
03.01.2019 - 12:40

Consumer prices in Turkey slipped in December 2018, the Turkish Statistical Institute (TurkStat) announced on Thursday.

December's figure was down 0.40 percent from 21.62 percent in November 2018. However, the consumer prices increased by 20.30 percent year-on-year. The highest annual increase in December was seen in furnishing and household equipment, up 31.36 percent, and in miscellaneous goods and services prices, up 28.80 percent.

GOVERNMENT AIMS AN INFLATION RATE OF 6 PERCENT FOR 2021

TurkStat data showed that none of the main expenditure groups in December saw annually decrease. Consumer prices over the 12-month average in Turkey saw an increase of 16.33 percent by December last year, according to official data.

On Monday, an Anadolu Agency survey of 16 economists projected annual inflation to fall to 20.36 percent in December 2018. The median of estimates for the month was a 0.34 percent decrease compared to the previous month. Over the past five years, annual inflation hit its lowest level in April 2013, reaching 6.13 percent, and its highest level October 2018, with 25.24 percent.

Turkish government aimed to reach an inflation rate of 20.8 percent for last year, 15.9 percent for this year, 9.8 percent for next year, and 6 percent for 2021, under its new economic program announced in September.

On a monthly basis, among the main expenditure groups the highest increase was in food and non-alcoholic beverages with 1.108 percent rise while the highest decrease was in clothing and footwear with 4.08 percent decline. "In December 2018 within average prices of 407 items in the index, average prices of 44 items remained unchanged while average prices of 202 items increased and average prices of 161 items decreased," the TurkStat added.