03.01.202406:57:00UTC+00Turkey Inflation Hits 13-Month High, Producer Price Growth Accelerates

Turkey's consumer price inflation increased for the second straight month in December to the highest level in just over a year, figures from the Turkish Statistical Institute showed on Wednesday.

The consumer price index rose 64.77 percent year-over-year in December, faster than the 61.98 percent increase in November.

Further, the latest inflation was the highest since November last year, when prices had risen by 84.39 percent.

Transport costs grew at an accelerated pace of 77.14 percent annually in December, versus a 70.0 percent surge in November.

Prices for food and non-alcoholic beverages alone jumped 72.01 percent, and charges for hotels, cafes, and restaurants showed a sharp growth of 93.24 percent.

Compared to the previous month, consumer prices increased by 2.93 percent in December, slower than the 3.28 percent gain in November.

Separate data from the statistical office showed that producer price inflation climbed to 44.22 percent in December from 42.59 percent in November.

Among the main industrial sectors, prices for the mining and quarrying sector rose 65.59 percent, and those for manufacturing jumped 53.68 percent. Meanwhile, prices in the utility sector declined by 29.69 percent.

On a month-on-month basis, producer prices moved up 1.14 percent against a 2.81 percent increase in the prior month.