Turkey inflation misses forecasts in October, slows to 5-month low

Data released by Turkstat showed on Thursday that Turkey's consumer price inflation slowed unexpectedly in October falling to the weakest level in five months. Turkey's consumer price index rose 7.16 percent year-over-year in October, slower than September's 7.28 percent climb and missing forecasts for a 7.4 percent rise.

Turkey's annual inflation rate rose less than expected in October, though food prices remain elevated. Details of the report showed prices of food and non-alcoholic beverages grew by 5.2 percent and transport costs surged 8.19 percent annually in October.

On a monthly basis, consumer prices rose 1.44 percent in October, compared to a 0.18 percent rise in September. Monthly inflation also missed consensus for increase by 1.68 percent.

Separate data showed Turkey's domestic producer price index increased 2.84 percent in October from a year earlier beating expectations for a 2.53 percent gain. Producer prices inched up 0.84 percent month-over-month in October, faster than the 0.53 percent expected rise.