Turkey’s consumer price inflation accelerates in January

Turkey’s inflation, gauged by the consumer price index, accelerated both sequentially and on a year-on-year basis in January 2017. On a month-on-month basis, the consumer price inflation accelerated 2.46 percent, as compared with the 1.64 percent sequential gain seen in December, according to Turkish Statistical Institute. On a year-on-year basis, Turkey’s inflation accelerated 9.22 percent, as compared with December’s year-on-year rise of 8.53 percent. Meanwhile, on the 12 months moving averages basis, inflation was up 7.76 percent in January 2017.

The sequential gain in inflation was mainly driven by food and non-alcoholic beverages that recorded a rise of 6.37 percent. Also driving the inflation were the indices for miscellaneous goods and services, health, transportation and recreation and culture. Meanwhile, the only drop in main groups was seen in the clothing and footwear index that fell 6.99 percent.

On a year-on-year basis, alcoholic beverages and tobacco mainly drove the inflation. It rose 22.9 percent. Miscellaneous goods and services index was up 12.74 percent, while transportation rose 15.61 percent. Meanwhile, health and education indices were up 12.13 percent and 9.43 percent respectively.