Moscow, February 3 – “News.Economy.” Inflation in Turkey in January accelerated for the third straight month, exceeding analysts ‘ expectations.
Photos: EPA-EFE/SRDJAN SUKI
Consumer prices in Turkey in January rose by 12.15% in annual terms, after rising by 11.8% in December 2019, according to data from the Turkish statistical Institute.
Bloomberg Surveyed analysts on average had forecast inflation accelerating to 11.9%.
compared to the previous month, consumer prices in January rose 1.35%.
the Acceleration of inflation in January was due to the dynamics of prices on alcohol and tobacco products, which surged by 42.2% in annual terms.
Turkey’s Central Bank reduced the interest rate is stronger than oidhostname Turkey waiting for new shocks in 2020 goberdhan revives the economy of Turkey?The growth of prices for foodstuffs in January slowed to 9% from 10.9% in the previous month. Now the growth rate is below the forecast of the Central Bank at the end of the year at 11%.
core prices, which exclude volatile prices for food and energy, increased to 9.9%.
Growth of producer prices in monthly terms, inflation accelerated in January to 1.8% from 0.7%.
the Acceleration of inflation may force the Central Bank of Turkey to stop the cycle of easing monetary policy.
As reported “Vesti.Economy,” in January, the regulator has lowered the weekly REPO rate from 12% to 11.25%, which was the discreet step from the beginning of the monetary easing policy in July. It indicates that monetary stimulus is minimized as the recovery of the economy after the recession.
Inflation fell from a peak of above 25% after the currency crisis of 2018, which resulted in the Turkish Lira fell by almost 30%. The ensuing recession has led to the fact that in 2019 the economic growth, of course.and stopped. The Central Bank reacted to the crisis rate hike to 24%, where it remained until July last year.
the Next meeting of the Central Bank of Turkey’s monetary policy will be held on February 19. Text: News.Economy