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Tuesday, February 05, 2008

Turkey Inflation January 2008

The Turkish Statistics Institute (TurkStat) announced Turkey's inflation rates for January yesterday, and the numbers came in somewhat lower than analysts' expectations. Turkey's inflation rate in January was a 0.8 percent month on month with December in the consumer price index (CPI) and a 0.42 percent rise month on month in the producer price index (PPI). CPI inflation was 1.76 percent points higher last year in January while PPI inflation was 2.93 points higher. Year-on-year inflation as of the end of January was at 8.17 percent For the CPI and 6.44 percent in the PPI.

While it is impossible to say that inflation has been tamed, it is certainly much more under control, and the declining overall trend in inflation rates continues. The central bank may well now cut key interest rates a further 0.5 basis points at the next meeting.

The highest monthly increase was 4,26% in the index for housing by main expenditure groups. The indices rose for miscellaneous goods and services 2,61%, for food and non-alcoholic beverages 1,83%, for transportation 1,33%, for communication 1,02%, for hotels, cafes and restaurants 1,00%, for furnishings and household equipment 0,61%, for health 0,17%, for education 0,02%, while the indices declined for alcoholic beverages and tobacco -0,01%, for recreation and culture -1,05%, for clothing and footwear -10,22%.

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