Turkish consumer price inflation accelerates in January

Turkish consumer price inflation accelerated above expectations in January. On a sequential basis, the headline inflation accelerated to 1.06 percent, as compared with consensus expectations of a rise of 1 percent. On a year-on-year basis, the headline inflation came in at 20.35 percent, a mild acceleration from 20.30 percent. The consensus expectations were for 20.29 percent.

The food and non-alcoholic beverages drove the sequential rise, recording a rise of 6.43 percent. The indices for miscellaneous goods and services were up 3.62 percent, for health 3.56 percent, for recreation and culture 3.18 percent and for hotels, cafes and restaurants 1.07 percent. Clothing and footwear recorded the highest monthly decrease of 7.95 percent.

Food and non-alcoholic beverages saw the highest annual rise of 30.97 percent. Miscellaneous goods and services, furnishing and household equipment, recreation and culture and hotels, cafes and restaurants recorded rises of 29.07 percent, 23.15 percent, 19.89 percent, respectively.