October inflation reflects bad news for consumers
Posted by meb at November 4th, 2008
The Turkish Statistics Institute (TurkStat) released its latest inflation figures yesterday, according to which the monthly inflation rate for October was 2.6 percent in the consumer price index (CPI) and 0.57 percent in the producer price index (PPI).
With these figures, the annual numbers reached 11.99 percent for the CPI and 13.29 percent for the PPI. Moreover, the CPI increased 9.60 percent and the PPI rose 12.11 percent in the January-October period of 2008 over the same period last year.
These figures represent a sharp deviation from the previous target of 4 percent for year-end inflation.
Among the 454 items used in the calculation of the CPI, the prices of 82 remained unchanged and 289 saw increases, while the price of 83 items decreased. At the same time, 204 of the 756 items used for the calculation of the PPI remained steady, while the price of 370 items increased and the prices of 182 items fell.
The highest monthly increase in the CPI was in clothing and footwear (8.46 percent). The highest annual increase was in the index for housing (27.08 percent) compared with the same month of the previous year. The highest monthly increase in the PPI was recorded 14.03 percent in the index for metallic minerals.
source: Today’s Zaman
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