Macro Indicators

9/3/2018

CPI Reached 17.90% in August

In August 2018, increase in CPI has been 17.90% compared to the same month of previous year. Highest annual increase has been in transportation, highest monthly increase has been in various goods and services groups...

Turkey Statistical Insitute (TÜİK) has announced inflation data of August 2018. Accordingly, Consumer Price Index (CPI) increase has been 2.30% in August 2018 compared to previous month, 12.29% compared to December last year, 17.90% compared to the sme month of preivous year and 12.61% on the basis of twelve month averages.

Highest annual CPI increase is in transportation

Compared to preivous month, the highest CPI increase is seen in various goods and services groups as 5.85%. However, highest increase compared to the same months of previous year has seen in transportation  sector with 27.13%. 

Meanwhile, 1.59% decrease is seen in August 2018 in clothing and footwear in the groups took place in index. In return, 4.56% increase is seen in houseware, 4.45% in transportation, 3.85% in housing and 2.63% in communication.

Highest monthly and annually DO-PPI increase is seen in tobacco products

Meanwhile, Domestic Producer Price Index (YI-UFE) increased 6.60% in August 2018 compared to previous month, 25.32% compared to December last year, 32.13% compared to ther same month of previous year and on the basis of 12-month averages, increased 18.78%. Changes compared to previous month in the Industry’s four sectors have been as 5.69% increase in mining and quarrying sector, 7.31% in manufacturing industry sector, 1.52% in water sector and as 1.20% decrease in electricity and gas sector.

The highest increase, compared to previous month, has been seen in basic and refined oil products with 25.11%, in metal ores with 15.33%, in basic metals with 12.07%. In return, 1.20% decrease experienced in electricity and gas sector compared to previous month. Accordin g to main industrial groups clasification, in  August 2018, the highest months increase has seen in intermediary products and annual highest increase  in energy.

Central Bank’s statements on inflation

Central Bank released a press announcement on the declared inflation rate. In the announcement, it is noted, "The developments pertaining to inflation outlook recently indicate major risks in terms of price stability. Central Bank will react for supporting price stability when required.

Within this context, monetary position will be reshaped in the Monetary Policy Board meeting in September on the basis of recent developments in harmony with former communication. Central Bank will continue to use all available instruments towards basic objective of price stability."