Turkey’s annual inflation eased more-than-expected in February to its lowest level in three months, data from Turkstat showed Thursday.
The consumer price index rose 8.78 percent year-on-year following 9.58 percent in January. Economists had forecast an inflation figure of 9.30 percent. The latest figure was the weakest since November, when it was 8.10 percent.
Month-on-month, the CPI declined 0.02 percent in February, defying economists’ forecast for 0.53 percent gain.
Prices of clothing and footwear declined the biggest monthly decrease among the CPI components, down 6.16 percent from January. Decreases were witnessed in communications, recreation and culture, and food and non-alcoholic beverages.
Separately, the statistical office announced that domestic producer price inflation slowed to 4.47 percent in February from 5.94 percent in January.
The latest figure was the lowest since March last year, when it was 3.41 percent. Economists had forecast 5.73 percent producer price inflation for February.
Compared to the previous month, producer prices fell 0.20 percent.
The material has been provided by InstaForex Company – www.instaforex.com