A Division of NBCUniversal. The annual inflation rate in Turkey rose further to 85.5 percent in October 2022, from 83.5 percent in the previous month, and in line with market forecasts of 85.6 percent. May 6, 2022. Inflation for the country of 84 million people has soared in the last two years, in particular as Turkish President Recep Tayyip Erdogan insists on continuing to cut interest rates rather than raise them deviating from the conventional way of controlling inflation. The concern is that because the economy is holding steady and President Erdogan is committed to slashing interest rates, the CBRT could approve another rate cut at the November policy meeting, which would contribute to more inflation. The government has said inflation will fall under its new economic programme, which prioritises low interest rates to boost production and exports with the goal of achieving a current account surplus. Liked it? Turkey's inflation climbed to a new 24-year high of more than 83% for September, the country's official body for statistics reported Monday. Trading Economics welcomes candidates from around the world. It was the highest rate since June of 1998, as the lira extended record-lows and the central bank slashed interest rates. According to the May 2022 statistics, producer inflation is running at 132 per cent a year. Controversially, Turkish President Recep Tayyip Erdogan refuses to raise interest rates, insisting that it would harm the economy. Turkish officialssay that their measures will bring inflation down in the coming months, but many economists disagree and expect consumer prices to rise and the lira to fall further into next year. The overnight lending rate and the borrowing rate were also reduced by 150 bps, to 12 percent and 9 percent, respectively. The The print was driven by a steep rise The annual Turkey inflation rate increased to a 24-year high of 85.51 percent in October, up from 83.45 percent in September, according to the Turkish Statistical Institute. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. A dive to 10 made it bounce to 14, and since then it has gradually fallen but has recently become somewhat stable at 18.5. Data is a real-time snapshot *Data is delayed at least 15 minutes. Erdogan, meanwhile, remains optimistic, predicting that inflation will fall by year-end. Is that enough? Sign up for free newsletters and get more CNBC delivered to your inbox. A money changer counts Turkish lira banknotes at a currency exchange office in Istanbul, Turkey, on Aug. 2, 2018. The policy direction has long stunned investors and economists, who say the refusal to tighten policy is a result of political pressure from Turkish President Recep Tayyip Erdogan, who has long railed against interest rates and turned against economic orthodoxy by insisting that lowering rates are the way to bring down inflation. It has weakened some 29% this year to fresh all-time lows. My biggest enemy is interest. This needs to come down further," Erdogan said during an event in late September. As the rest of the world is tightening monetary policy by raising interest rates, the Central Bank of the Republic of Turkey (CBRT), led by Sahap Kavcoglu, is engaging in the opposite by slashing benchmark policy rates. Erhan Demirtas | Bloomberg | Getty Images. We will build the century of Turkey together, hopefully by overcoming the inflation issue, Erdoan said. Rivian has both good and bad news at end of tough day for EV stocks, Elon Musk pleads with advertisers to stay on Twitter, Media calls out Trump for GOP's underwhelming midterm election, Watch: Biden says Elon Musk's relationships with foreign countries are 'worth being looked at', Grocery chain CEO on food prices: 'My crystal ball is broken', FULL SHOW 11/09/2022: What the midterm results mean for the stock market. It is not enough. The World Bank forecast that Turkeys economy will slow to 2.7 percent in 2023, down from an estimated GDP growth rate of 4.7 percent this year. People walk past a currency exchange office at Istanbul's Grand Bazaar on May 05, 2022, in Istanbul, Turkey. Throughout the 1980s, monetary expansion continued and by all estimates was the crucial determining factor in the inflation rate, wrote economist Anne Krueger in a paper (pdf) published in 1995 by the National Bureau of Economic Research (NBER). The central bank is ostensibly taking its cues from President Recep Tayyip Erdogan, who believes that the best practice to fight inflation is to reduce interest rates and grow the economy. Central banks worldwide are raising borrowing costs in efforts to tame soaring consumer prices, but The domestic producer price index was up 4.78% from the previous month, and up a whopping 151.5% year on year. Over the last 12 months, the currency has plummeted roughly 92 percent against the greenback. Turkeys monetary policymakers are bucking the global trend of central banks raising interest rates to combat inflation, as high borrowing rates cool down the economy and prices. October exports and imports eased to $21.3 billion and $29.3 billion, respectively. Consumer Price Index (2003=100) (TURKSTAT) Consumer Price Index (1994=100) (TURKSTAT) 2020. Turkey inflation rate for 2021 was 19.60%, a 7.32% increase from 2020. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Enlarge image Market in Izmir, Turkey Photo: Aedil Toffolo / Cover Images / IMAGO Inflation in Turkey continues to rise. The Turkish Statistical Institute reported the headline index rose 48.7% year-on-year ( YOY) in January 2022. The annual inflation rate in Turkey rose for the 16th consecutive month to 83.5 percent in September of 2022, soaring from less than 20 percent in the corresponding period of the previous year but slightly below estimates of 84.6 percent. By August 2022, annual Turkish inflation rose to a 24-year high of 80.2%. November 3, 2022 November 3, 2022 BTT . Got a confidential news tip? ECtHR says Turkey arrested pro-Kurdish politicians to stifle pluralism, orders their release, Six grain ships leave Ukraine ports after Russia rejoins deal: Turkey, Court rejects lawsuit filed by TurkStat against independent research group, Alevis protest against controversial omnibus bill for failing to address their demands, Hundreds protest in Turkey in support of Iranian women, Greece says its open to talks with Turkey once provocations end, [ANALYSIS] Why the South Caucasus is a strategic region for Turkey. The surge in consumer prices was driven by a 105.9% leap in the transportation sector, which includes energy prices, and a 89.1% jump in food and non-alcoholic drinks prices, the data showed. In parallel to red-hot prices, Turkey has endured a currency crisis, with the Turkish lira hitting a new record low of 18.56 against the dollar following the latest inflation reading. London-based Capital Economics sees it falling to 24 against the greenback by March 2023. The Producer Price Index (PPI) spiked to 157.69 percent year over year, up from 151.5 percent. It said the cut was necessary as growth and demand continued to slow and also cited "escalating geopolitical risk.". At the behest of Erdogan, the Central Bank cut its policy rate by 500 basis points over four months, bringing it to 14% in December from 19% in September. (Reuters/Murad Sezer/File Photo), Andrew Moran has been writing about business, economics, and finance for more than a decade. Get this delivered to your inbox, and more info about our products and services. Inflation for the country of 84 million people has soared in the last two years, in particular as Turkish President Recep Tayyip Erdogan insists on continuing to cut interest rates rather than raise them deviating from the conventional way of controlling inflation. Exchange rates information at a currency exchange bureau in Istanbul, Turkey, in June. FocusEconomics Consensus Forecast panelists expect inflation to average 72.0% in 2022 and 38.5% in 2023. Last week's Reuters poll had shown that annual inflation was expected to decline to 72% by the end of 2022. In August, Turkish inflation rate was recorded at People browse gold jewelry in the window of a gold shop in Istanbul's Grand Bazaar on May 05, 2022 in Istanbul, Turkey. The graph above displays annual inflation rates in Turkey for calendar years from 1956 to 2021. The inflation rate in Turkey is spiraling out of control, fueled by a collapsing currency, global inflationary pressures, and easing monetary policy. There is no mystery as to why inflation persisted. Moreover, disinflationary public pursuits that emphasized economic growth and cheap lending backfired, resulting in a weakening lira and price instability. Erdoan prioritizes growth and exports over price stability, promising that prices will only start falling in January. My biggest enemy is interest. Trading Economics is penciling in another cut of 150 basis points. We want to hear from you. appreciated. "Turkey is running such a large current account deficit, and it has become dependent on inflows of foreign capital to finance that. The country's monetary policymakers opted for a 100 basis point cut, bringing the key one-week repo rate from 13% to 12%. On a monthly basis, consumer prices rose by 1.5 percent, compared to the 2.4 percent in the previous month. Direct access to our data from your apps using any programing language. ENAG said the official annual rate of consumer price increases reached 186.27 percent in September, compared to 181.37 percent in August. Turkey: Inflation rises to over 85 percent 11/3/2022, 2:11:35 AM The worrying trend in Turkey continues: In October, consumer prices were 85.5 percent higher than in 2021. At the end of 2021, inflation was The index also includes miscellaneous goods and services (4.7 percent); communication (4.4 percent); recreation and culture (3.8 percent); health (2.7 percent) and education (2.6 percent). The Prices surged for housing and utilities 84.7 percent vs 71.8 percent in August) and transportation (117.7 percent vs 116.9 percent), amid an extended rise in prices of energy (133 percent vs 121.7 percent). We use cookies to understand how you use our site and to improve your experience. The reports authors further noted that banks capital buffers are eroding, the governments fiscal resources are dissipating, and poverty rates are above pre-2019 levels. The monthslong campaign to continuously lower rates as Turkey's trade and current account deficits balloon and its foreign exchange reserves run low has instead sent Turkey's currency, the lira, into a multiyear tailspin. In the last two months alone, Turkey's central bank seen as under the control of Erdogan cut rates by 200 basis points to 12%, shocking markets. 2022 CNBC LLC. Please check back later. Take a second to support Turkish Minute on Patreon! It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. In September 2022, the inflation rate hit 8.2%, meaning that prices across a broad range of consumer goods and services are up year over year. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. Consumer prices rose 7.25% over the previous month in April, accelerating from the 5.46% increase logged in March. On a monthly basis, consumer prices in Turkey rose by 3.5 percent in October. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Use. Turkey has suffered from inflationary problems before, most notably from the late 1970s until the late 1990s, with the annual inflation rate exceeding 100 percent on multiple occasions. It's lost more than 28% of its value against the greenback year-to-date and nearly 50% in the last full year. However, ongoing widening pressures on the current account and subdued capital flows imply the possibility of further drawdowns in reserves. Download Turkey Inflation Chart Note: Annual variation of consumer price index (CPI) in %. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Many economists predict a further fall in the lira. CNN Sans & 2016 Cable News Network. 2019. Standard users can export data in a easy to use web interface or using an excel add-in. According to a Nov. 3 report by the Turkish Statistial Institute (TurkStat), food prices were 99 percent [] We want to hear from you. Main upward pressures came from prices of food & non-alcoholic beverages (99.1 percent vs 93.1 percent in September) and furnishings, household equipment, routine maintenance of the house (93.6 percent vs 89.7 percent). But industrial production rose 2.4 percent month over month in August, while retail sales advanced 3.7 percent. Following the bank's rate decision announcement, the currency was down a quarter of a percentage point, trading at a record low of 18.379 to the dollar. The Turkish Statistics Institute (TurkStat) said Monday that consumer prices rose by 83.45 percent in September on an annual basis, up from 80.2 percent in August. Erdogan's government has also launched several spending projects ahead of the elections, including relief measures for utility bills and an expansive social housing project, says Can Selcuki, managing directoratIstanbul Economics Research & Consultancy. October 2022 Data - 1965-2021 Historical - November Forecast, Turkish Stocks Extend Record for 5th Session, Turkey Bond Yields Below Multi-Year Highs, Turkish Inflation Rate Hits 85% in October, Turkey Producer Inflation Hits Fresh Record High, Turkish Trade Gap Widens Sharply in October, Turkey Factory Activity Lowest Since May 2020, Turkish Tourism Revenues Rise 27.1% YoY in Q3, Turkish Economic Morale Strongest in 8 Months, Australian Shares Fall as Tech, Resources Weigh, Bovespa Sinks Following Bad Earnings from Bradesco, Mexbol Turns Downward After Inflation Report, Canada TSX Declines with Commodities, CPI Uncertainty, Poland Holds Interest Rate Steady for 2nd Meeting. Turkish Inflation Rate Hits 85% in October The annual inflation rate in Turkey rose further to 85.5 percent in October 2022, from 83.5 percent in the previous month, and in line with market The CBRT will remain under pressure from President Erdogan for looser policy, stated Liam Peach, senior emerging markets economist at London-based Capital Economics, in a note. Erdogan says the cuts are pro-growth, and that they will continue. Inflation also began spiking at the end of last year, but has become somewhat stable-ish since June at around 80%. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. Costs also increased for housing & utilities (85.2 percent vs 84.7 percent) and clothing & footwear (41.3 percent vs 40.3 percent). The monthly PPI also advanced to 7.83 percent, up from 4.78 percent. Following link provides you with an overview of current inflation by country (CPI) . It was the highest rate since July of 1998, as the lira plunged further to extend record-lows and the TCMB continued to slash interest rates. He said breaking the record was inevitable given the governments unorthodox policies. Here are 13 stocks that bucked the trend, Jeffrey Gundlach says bonds are attractive now. Current job openings: Download historical data for 20 million indicators using your browser. The looming shadow of Erdogan lurking over monetary policy is driving irregular and contradictory moves to interest rates, with uncertainty from analysts over how the country will behave next, Mercan added. Turkish inflation jumped to a new 24-year high exceeding 83 percent in September as President Recep Tayyip Erdoan presses for more interest rate cuts despite surging prices, Agence France-Presse reported, citing official data on Monday. Gold prices ticked higher on Monday as the dollar hovered near recent lows, with investors' focus being on a key U.S. inflation reading as it could influence the size of the Federal Reserve's next interest-rate hike. [T]he poverty rate is projected to remain above pre-2019 levels due to persistently high inflation that affects the lowest-income households the most as they spend a higher share of income on items like food that face higher than average inflation, it stated. A respected monthly study released by independent economists from Turkeys ENAG research institute also showed prices soaring at a much higher rate than the one reported by the state statistics agency. Inflation in Turkey rose 85.5% year-on-year in October for the 17th consecutive month as food and energy prices continued to climb, according to official figures. Turkish annual inflation climbed to a new 24-year high of 85.51 percent in October, official data showed on Thursday, slightly below forecast, after the central bank by cut its 2. The countrys monetary policymakers opted for a 100 basis point cut, bringing the key one-week repo rate from 13% to 12%. For additional years, see the historical inflation rates. An electronic board displays exchange rate information at a currency exchange bureau in Istanbul, Turkey, on Monday, Aug. 29, 2022. Turkey's central bank shocked markets Thursday with a cut to its benchmark policy rate, despite inflation in the country sitting near 80%. Burak Kara | Getty Images News | Getty Images. Got a confidential news tip? The reading was driven by rising prices for food and non-alcoholic beverages and housing and utilities. We have a plan for your needs. People stroll at Mahmutpasa street, a middle-class shopping area, in Istanbul, Turkey May 6, 2022. Market holidays and trading hours provided by Copp Clark Limited. Turkey - Inflation Data Sample Report 5 years of economic forecasts for more than 30 economic indicators. Sign up for free newsletters and get more CNBC delivered to your inbox. This needs to come down further.". Get this delivered to your inbox, and more info about our products and services. This includes personalizing content and advertising. But Erdoan, who has focused on growth ahead of a general election in June, has repeatedly railed against higher rates, calling them his biggest enemy.. Since September 2021, CBRT policymakers have approved 850 basis points worth of cuts, despite a cratering lira, a sizable current account deficit, and skyrocketing consumer prices. For the current inflation in Turkey (CPI), click here. Turkey Inflation Rate in October 2022 The annual Turkey inflation rate increased to a 24-year high of 85.51 percent in October, up from 83.45 percent in September, according Your effort and contribution in providing this feedback is much Food Turkeys official inflation rate increased to almost 80% last month the highest in 24 years as President Recep Tayyip Turkey also cut rates by 100 basis points in August, and had gradually lowered interest rates by 500 basis points at the end of 2021, setting off a currency crisis. If you continue to use this site we will assume that you are happy with it. On a monthly basis, consumer prices rose by 3.5 percent in October. Onur Dogman | Sopa Images | Lightrocket | Getty Images, We will have yet another Turkish lira crisis on our hands, strategist says. We lowered the interest rate to 12%. The current Inflation in Turkey rose for the 17th consecutive month in October, hitting 85.5% year-on-year as food and energy prices continued to climb, according to official figures. Consumer prices month on month REUTERS/Murad Sezer ISTANBUL, Nov 3 (Reuters) - Turkish annual However, economists see inflation remaining high for the rest of 2022 due to the Ukraine war. All Rights Reserved. We use cookies to ensure that we give you the best experience on our website. ISTANBUL (Reuters) -Turkish annual inflation climbed to a new 24-year high of 83.45% in September, data showed on Monday, still lower than forecast, after the central bank At the October Monetary Policy Committee (MPC) meeting, officials cut interest rates by 150 basis points (bps), to 10.5 percent, down from 12 percent. Following the downturn caused by the COVID-19 pandemic in 2020, the Turkish economy grew 11% in 2021 and 7.3% in the first quarter of 2022, but not without the side effect of galloping inflation. However, economists see inflation remaining high for the rest of 2022 due to the war, with the median estimate for inflation at year-end standing at 52%. Turkeys inflation rate has hit 85.51 percent in October 2022, the highest in 24 years. Analysts had roughly expected this rate of inflation. It has weakened some 29% this year to fresh all-time lows. Here's how he builds a portfolio with an 8% return, Credit Suisse says this is a bear market rally that's about to fail right here, Nearshoring represents 'a lifetime opportunity' to invest in Mexico, BofA says. The domestic producer price index shows a 157.69% increase annually and was up 7.83% on a monthly basis. It said markets should expect the "disinflation process to begin" on the back of the measures taken, Reuters reported. Some experts believe this might be the peak for headline inflation, but only if the Turkish currency, the lira, does not weaken further. In Turkey, the most important categories in the consumer price index are food and non-alcoholic beverages (23.7 percent of total weight); housing, water, electricity, gas and other fuels (15.9 percent of total weight) and transportation (14.3 percent). Inflation began to rise worldwide after economies emerged from Covid lockdowns but it worsened this year as Russias invasion of Ukraine sent energy and food prices through the roof. The lira was trading roughly flat on the day at 18.61 to the dollar. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Get this delivered to your inbox, and more info about our products and services. The Turkish lira is currently trading at a record low of 18.56 to the dollar, and has lost roughly 28% of its value against the greenback this year. In October, consumer prices were 85.5 percent higher than a year earlier, the National Statistics Office said on Thursday in Ankara. The headline print was also slightly under the market estimate of 3.6 percent. The monthly rise in consumer prices was 3.54%. The Trading Economics Application Programming Interface (API) provides direct access to our data. Inflation as measured by the consumer price index reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. But Turkish President Recep Tayyip Erdogan remains Inflation as measured by the consumer price index reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services that Inflation soared to nearly 70% (69.97%) over one year in April in Turkey, the highest since February 2002, according to official figures released on May 5. This development is also fueled by the central bank. "Share this post on social media, spread the news" Turks will likely continue to struggle as their basic living costs rise, and Russia's ongoing war in Ukraine has dramatically worsened price inflation on goods and energy globally. "Inflation is not an insurmountable economic threat. Onur Dogman | Sopa Images | Lightrocket | Getty Images. "The Turkish government's ability to avert a deeper financial crisis may appear to be a success, but its more important failure is the slow strangulation of the country's economic potential. Over the last year, the institution has adopted an unorthodox approach to reining in inflation by easing policy and expanding the pace and severity of rate cuts. Erdoan has called for more rate cuts at the banks next policy meeting on October 20, saying last week that it should be cut to single digits by the end of the year. Property of chicago Mercantile: Certain market data is delayed at least 15 minutes greenback year-to-date nearly. Images News | Getty Images News | Getty Images News | Getty Images lira extended and. Annual Turkish inflation rose to a 24-year high of 80.2 % to come down further, Erdogan. / IMAGO inflation in Turkey ( CPI ) issue, Erdoan said a second to support Turkish Minute Patreon. In 2023 start falling in January job openings: download historical data for 20 indicators... An overview of current inflation in Turkey ( CPI ), click here year to fresh all-time lows for 100! Rose to a 24-year high of 80.2 % a currency exchange office at Istanbul 's Grand Bazaar May... June of 1998, as the lira was trading roughly flat on the day at 18.61 to May! Writing about Business, Economics, and that they will continue Aug. 2, 2018 the end last... Development is also fueled by the central bank in January previous month how you use our site to. Privacy Policy and Terms of use inflation is running such a large current account deficit, and that they continue. 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