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Turkey's inflation rate rises to 7.14% in August
07
Sep '15
Inflation in Turkey increased in August after falling for two consecutive months, according to the official statistics.

The annual inflation rate rose to 7.14 per cent in August from 6.81 per cent in the previous month, the Turkish Statistical Institute said.

The Consumer Price Index saw a 0.40 percentage point increase in August from July.

“When new data was examined, we saw that both monthly data at 0.4 per cent and annual at 7.14 per cent were over the forecast at 0.1 per cent and 6.8 per cent, respectively,” economist Eren Can Umut from Meksa Securities said.

“Since the recent sharp depreciation in Turkish lira increases the cost of production, it is normal to see a surge in prices,” Umut said.
In August, the highest monthly increase was 2.05 per cent in hotels, cafes and restaurants, while the largest monthly decline was 4.32 per cent in clothing and footwear, according to the report.

The highest annual increase was 14.26 per cent for hotels, cafes and restaurants, the report added.

Inflation had slowed in July, driven by seasonal factors that was expected to provide only temporary relief for the central bank in its quest to lower price gains. (SH)

Fibre2Fashion News Desk – India

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