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Inflation rates down in November, close to central bank’s targets
TurkStat released price developments for the 11th month of this year on Friday. According to the figures it posted, the 12-monthly cumulative consumer price index (CPI) was 7.29 percent and the producer price index (PPI) was 8.17 percent. This marks sharp increases, in the PPI in particular, when compared to the same month of the previous year. In November 2009, cumulative annual inflation was 5.53 percent for the CPI and 1.51 percent for the PPI.
Since the beginning of the year the cumulative CPI was 6.72 percent as of the end of November and the PPI reached a level of 7.47 percent. The inflation figures mark a better than expected result, considering that the central bank’s second survey of expectations for November included economists estimating a 0.87 percent increase for the CPI as well as year-end inflation to be at 8.1 percent.
Of the 446 items used in the calculation of the CPI, the prices of 71 products remained the same. A total of 280 of them saw price increases, whereas only 95 enjoyed lower price tags. As for the PPI, however, 180 of the 779 items in the calculation basket saw no change in price. A total of 382 of them had higher prices in November, whereas the remaining 217 products had lower prices.
Core inflation, which excludes items that usually have volatile price structures such as food and energy, rose by 0.31 percent -- excluding seasonal products -- and 0.83 percent -- excluding unprocessed foods.
The CPI was down when discounting energy prices, whereas it edged up 0.8 percent when excluding unprocessed food products and energy. It was down 0.19 percent without taking energy, alcoholic beverages and tobacco products into consideration and marked a fall of 0.24 percent excluding the prices of energy, alcoholic beverages, tobacco and other products -- the prices of which are subject to control -- and indirect taxes.
With respect to the classification of the main expenditure groups, the highest increase was registered in clothing and shoes with 3.87 percent. Restaurants and hotels came in second with 0.87 percent and “various goods and products” became third with 0.76 percent.
Education-related items fell by 0.14 percent on average, whereas entertainment and culture enjoyed a drop of 0.81 percent in average prices. The highest decline was recorded in the average prices of products that are classified in the non-alcoholic beverages segment with 1.89 percent.
In annual terms, the highest increase in the CPI was seen in the alcoholic beverages and tobacco products segment with 24.54 percent. The food and non-alcoholic beverages rose 12.39 percent and the restaurants and hotels section was up 10.08 percent.
Taking into consideration the sector-specific results of the PPI, prices declined 4.25 percent in the agriculture sector, but were up 0.63 percent in industry in November compared to the same month a year ago.
When it comes to the PPI results with respect to the sub-sectors of the industry, however, the highest increase was seen in the crude oil and natural gas extraction sector with 4.77 percent. Inflation was 0.8 percent for the manufacturing industry and 0.33 percent for the mining and quarrying sector.
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