CBRT Published Price Developments Report of October

CBRT Published Price Developments Report of October CBRT published price developments report of October. In the report announced by the Central Bank, “While the annual inflation increased in the food and basic goods groups, it decreased in the energy group, and remained almost flat in the service group”. The Central Bank of Republic of Turkey (CBRT) has announced the Consumer Inflation Data which increased by 2.13 percent in October and rose to 11.89 percent on an annual basis, published its monthly report on price developments, following stood out: - Annual inflation increased in the food and core goods groups, declined in the energy group, followed a flat course in the services group. - While both unprocessed and processed food continued to affect the rise in food inflation, durable consumption goods became the main driver of the increase in core goods. - The base effect stemming from electricity prices came to the fore in the decline in energy annual inflation. - Under this outlook, the annual inflation of indicators B and C increased; The trend for indicator B followed a horizontal trend, while the trend for indicator C fell slightly. - During this period, annual inflation increased in durable goods and other core goods, while it decreased in the clothing and footwear group; Thus, the divergence in these groups continued due to exchange rate developments and sectoral demand conditions. - The high price increase in durable goods excluding gold continued across sub-items; Increases in furniture, automobile and white goods prices stand out - Energy prices rose 2.09 percent in October; Electricity prices, which increased 5.76 percent, came to the fore in this development. - Domestic producer prices increased by 3.55 percent in October, and annual inflation increased by 3.87 points to 18.2 percent. - It is considered that this increase in producer prices was caused by the developments in exchange rate and non-energy commodity prices. - Producer price pressures on consumer prices continued to grow stronger