Turkish consumer price inflation slows sequentially in July, rises on year-on-year basis

Turkish headline consumer price inflation slowed on a sequential basis July. According to the Turkish Statistical Institute, Turkey’s consumer price inflation decelerated to 0.55 percent in the month from 2.61 percent in June. This is below consensus expectations of 0.90 percent. The highest monthly rise was recorded in hotels, cafes and restaurants that saw a rise of 2.26 percent.

The indices for furnishing and household equipment came in at 1.82 percent, for recreation and culture 1.62 percent, for health 1.20 percent and for housing 1.10 percent. Meanwhile, the highest monthly fall was recorded at 3.07 percent in clothing and footwear. The indices for food and non-alcoholic beverages dropped 0.28 percent and for communication 0.11 percent.

On year-on-year basis, the consumer prices rose to 15.85 percent from 15.39 percent in the prior month. The highest annual rise was seen in transportation, which recorded a rise of 24.21 percent. Furnishing and household equipment index saw a rise of 20.32 percent, while the food and non-alcoholic beverages index saw 19.40 percent rise.