Turkey’s consumer price inflation slowed at a faster-than-expected pace in October, figures from Turkstat showed Tuesday.
The consumer price index rose 7.58 percent year-over-year in October, slower than the 7.95 percent climb in the previous month. Economists had expected the inflation to ease to 7.80 percent.
Prices of food and non-alcoholic beverages grew 8.69 percent annually in October and that for clothing and footwear went up by 5.78 percent. Both transport and utility costs advanced by 4.04 percent and 6.04 percent, respectively.
On a monthly basis, consumer prices increased 1.55 percent in October, in line with expectations, following a 0.89 percent rise in September. It was the fourth consecutive monthly climb.
In a separate report, the statistical office announced that producer prices grew at a slower pace of 5.74 percent yearly in October, after a 6.92 percent spike in the prior month. In contrast, economists had forecast the inflation to accelerate to 7.0 percent.
Monthly, producer prices edged down 0.20 percent in October, confounding economists’ expectations for a 1.1 percent gain.
It was the first decrease in three months. In September, prices had risen 1.53 percent.
The material has been provided by InstaForex Company – www.instaforex.com