Turkey’s inflation climbs to 33% on food costs

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Turkey’s annual inflation rose to 33.29% in September, above forecasts of 32.5%, according to the Turkish Statistical Institute. Monthly inflation was 3.23%, compared with 2.04% in August.

Food and non-alcoholic drinks increased 36.1% year-on-year, while housing rose 51.4%. On a monthly basis, food prices climbed 4.6% and education costs surged 17.9%. The domestic producer price index rose 2.52% in September, bringing the annual rise to 26.59%.

The central bank cut rates by 250 basis points to 40.5% last month, following a 300-point cut in July. Analysts said the cuts were stronger than expected. Tim Ash of BlueBay Asset Management said, “I am afraid the data suggest the (central bank) was wrong to cut hard and early and they have lost some of their hard-earned credibility now.”

Capital Economics forecast another 250-point cut this month, while Morgan Stanley predicted smaller 200-point moves. The lira held at a record low of 41.685 per U.S. dollar, while bank stocks fell.

Source: Reuters

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