Turkey’s Inflation recorded at the peak of last 15 years

Turkey’s inflation rose to 17.90 percent in August recorded as the peak for the last 15 years. The Central Bank issued a statement after the announcement of the data. After the depreciation of the Turkish Lira (TL) this year against the dollar and the euro, the uptrend in inflation keeps continuing.

Based on data provided by Turkey Statistical Institute (TSI), the consumer price index (CPI) increased by 17.90 in August 2018 as compared to the same month last year. This increase is reported to be the highest since 2003.

The biggest increase was incurred in transportation, miscellaneous goods and services, household goods, food and non-alcoholic beverages and residence groups.

The domestic producer price index (PPI) increased by 32.13 percent in August compared to the same month of the previous year.

The Central Bank (CBRT) made a statement after the inflation data were made public. The statement read “The CBRT will provide for required response to support price stability. The monetary stance will be reshaped at the meeting of the Monetary Policy Committee in September, taking into consideration the latest developments, in line with previous communications”.

After this announcement, the eyes were turned to the Central Bank’s Monetary Policy Committee meeting to be held on September 13th.