IPANEWS

Inflation rate drops to 19.67 percent in Turkey

Turkey’s inflation rate dropped from 20.35 percent in January 2019 to 19.67 percent in February 2019 – slightly below market expectations of 19.9 percent.

Reuters poll said they expected Turkey’s consumer price index (TUKI) to show an increase of 0.4 percent in February and recede to 19.9 percent on annual basis. This expectation was a 0.5 percent increase on the inflation rate of February and a 20.10 percent degradation for annual inflation of Turkey by Bloomberg HT, whereas, the polls of Central Bank of Republic of Turkey (MB) showed a drop in the inflation rate to 0.76 percent in February.

On March 4, the Turkish Statistics Institute (TURKSTAT) released the inflation rate data for the month of February, where Turkey’s consumer price index (TÜFE) grew by 0.16 percent.

The year-to-year inflation rate dropped down from 20.35 percent in January 2019 to 19.67 percent in February 2019. The inflation rate in February was the peak rate among the inflation rates of the past 16 years in Turkey.

Meanwhile, the producer inflation rate for February rose up to 0.99 percent and manifested an annual elevation of 29.59 percent.

The health sector faced the highest increase of 2.48 percent, while the top decrease was observed in garments and shoes, dropping by 4.81 percent in the month of February. Based on yearly records, an outrageous price increase was noted in nutrition, by 29.59 percent.  A record price increase was for lettuce, which was calculated as 35.19 percent.

An overall decrease was noted in inflation rates after November 2019. Enver Taştı, deputy head of the unit who explains inflation figures in TURKSTAT, was withdrawn from his duty on October 3, 2019, after the release of inflation rates of September – 6.3 percent.

As the Turkish Lira continues to weaken, the annual inflation hit 20.35% in January

You might also like