Annual consumer inflation rate in Türkiye declines to 48.58 percent last month
Date
11/4/2024 7:19:36 AM
(MENAFN) Türkiye's annual consumer inflation rate declined to 48.58 percent in October, marking the lowest rate since July 2023, as revealed by official data released on Monday. This figure represents a continued decrease for the fifth consecutive month, down from 49.38 percent in September. However, the headline inflation rate exceeded market expectations, according to data from TurkStat.
In terms of specific categories, the cost of energy saw a year-on-year increase of 59.37 percent in October, which is a slight decline from the 62.94 percent rise recorded in September. Meanwhile, the price increase for food and non-alcoholic beverages accelerated to 45.28 percent in October, up from 43.72 percent in the previous month. This trend suggests that while some inflationary pressures are easing, essential goods remain a significant factor in overall price increases.
Core inflation, which excludes volatile items such as energy, food and non-alcoholic beverages, alcoholic beverages, and tobacco, decreased to 47.75 percent last month. This indicates a cooling trend in underlying price pressures, despite the ongoing challenges in specific sectors.
On a monthly basis, the consumer price index rose by 2.88 percent in October, a slight slowdown from the 2.97 percent increase observed in September. An Anadolu survey conducted prior to the release of the data had projected that October's inflation would fall to 49.38 percent on a yearly basis and 2.46 percent on a monthly basis, reflecting a general expectation of moderating inflation trends within the Turkish economy.
MENAFN04112024000045015839ID1108848062
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.