Turkey's annual inflation rises in August

ANKARA

Turkey's annual inflation rate climbed in August compared to the previous month, the Turkish Statistical Institute (TurkStat) announced on Friday.

Consumer prices in Turkey rose 19.25% year-on-year last month from 18.95% in July, TurkStat said.

The figure was higher than market expectations, as an Anadolu Agency survey last week showed that a group of 16 economists projected an average annual climb of 18.78% in consumer prices over the month.

Food and non-alcoholic beverages showed the greatest year-on-year price rise with 29%, followed by furnishings and household equipment with 22.91%, and transportation with 21.76%.

Meanwhile, monthly inflation also climbed 1.12% in August over the previous month, in parallel with expert predictions.

The median of estimates for August by the economists had been a rise of 0.72% compared to the previous month.

TurkStat noted that the only monthly decreases in consumer prices were recorded in clothing and footwear with 3.08% and transportation with 0.77%.

The highest monthly rise was in food and non-alcoholic beverages with 3.18%; hotels, cafes, and restaurants with 2.27%; and furnishings and household equipment with 1.38%.

Turkey's Central Bank forecasts that the country's inflation will hit 14.1% at the end of the year.