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Tuesday, November 21, 2017

Central Bank of Turkey: Consumer prices and inflation declining

Consumer prices in Turkey have declined, lowering the country's rate of inflation, according to figures disclosed at a September 17 meeting of the Central Bank's Monetary Policy Committee.

August consumer prices edged down by 0.10 percent and annual inflation receded to 8.17 percent due largely to a drop in unprocessed food and energy prices.

The annual inflation rate for unprocessed foods declined to 10.25 percent, although prices of processed foods rose.

The annual inflation rate for energy also declined and is expected to decline further in September despite the rise in fuel and bottled gas prices.

The price of serviced edged up by 0.61 percent and the annual rate of inflation for services reached 8.18 in August. Seasonally adjusted data suggests that the underlying trend of inflation for services remains high.

Inflation as a whole is expected to fall further in the upcoming period, although core inflation indicators are likely to remain above the target level for some time.