Turkey’s annual inflation rate climbed in August compared to the previous month, the Turkish Statistical Institute (TurkStat) announced on Friday.
Consumer prices in Turkey rose 19.25% year-on-year last month from 18.95% in July, TurkStat said.
The figure was higher than market expectations, as an Anadolu Agency survey last week showed that a group of 16 economists projected an average annual climb of 18.78% in consumer prices over the month.
Food and non-alcoholic beverages showed the greatest year-on-year price rise with 29%, followed by furnishings and household equipment with 22.91%, and transportation with 21.76%.
Meanwhile, monthly inflation also climbed 1.12% in August over the previous month, in parallel with expert predictions.
The median of estimates for August by the economists had been a rise of 0.72% compared to the previous month.
TurkStat noted that the only monthly decreases in consumer prices were recorded in clothing and footwear with 3.08% and transportation with 0.77%.
The highest monthly rise was in food and non-alcoholic beverages with 3.18%; hotels, cafes, and restaurants with 2.27%; and furnishings and household equipment with 1.38%.
Turkey’s Central Bank forecasts that the country’s inflation will hit 14.1% at the end of the year.
