CBRT: Report on price development in April

The Turkish Central Bank (CBRT) has published '' April Price Development Report ''. According to the information in the report, annual inflation in non-food groups has decreased. The biggest contributor to the slowdown in inflation came from the energy sector. Due to the outbreak of the corona virus, inflation in the service sector, where activity was minimized, decreased. Despite the devaluation of the Turkish lira in the crisis environment, inflation in core goods tended to slow. Slowdown in core inflation When looking at the data based on seasonality, the trend of the B and C indicators decreased compared to the 3-month averages. Annual inflation was observed to decrease in all subgroups during this period. The most obvious slowdown observed was in sectors such as restaurants, hotels and transportation companies that ceased operations due to the epidemic. This slowdown is due to horizontal progress in sectors where prices cannot be calculated, e.g. B. Aviation, entertainment services, hairdressers and hairdressing groups. Core goods inflation fell 0.30 points to 7.88% in April. Energy prices are falling Energy prices fell 4.99% in April. This decrease was due to the decline in international oil prices. As a result, annual energy inflation dropped 6.51 points to 3.30%. Although domestic energy prices rose 1.28% due to last year's high base, they fell 1.79% to 6.71%. Refined petroleum products and crude oil also had an impact on the decline in energy prices.