Turkey’s Annual Inflation Eases to 10.35%

Turkey’s inflation rate stood at 1.02% in January, whereas annual inflation rate decreased to 10.35%, according to the statement of the Turkish Statistical Institute released Monday, Anadolu Agency reported. Annual inflation rate was 11.92% in December 2017 and 9.22% in January 2017. The consumer price index increased by 11.23% on the 12-month moving average basis. On Friday, Anadolu Agency’s survey of 17 economists predicted an annual inflation of 10.72% for January and an average 1.36% monthly increase in consumer prices. The economists expected year-end inflation of 9.49%—with the highest forecast at 8.70% and the lowest at 12.10%. The highest monthly increase was noted in the miscellaneous goods and services category at 2.96%, followed by furnishing and household equipment at 2.44%, health at 2.42%, housing at 2.34% and food and non-alcoholic beverages at 1.67%. The highest monthly decrease was in the clothing and footwear category at 6.02%, with communication being the other group with a decrease at 0.99%. The highest annual increase was in the transportation category with 16.02%.