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Turkey Inflation Highest Since 1998; PPI Inflation Quickens

Turkey's consumer price inflation accelerated to its highest level in twenty four years, and producer price inflation advanced further, figures from the Turkish Statistical Institute showed on Monday.

The consumer prices index surged 78.62 percent year-on-year in June, much faster than the 73.5 percent increase in May. Moreover, this was the strongest inflation rate since 1998.

The current upward trend in inflation was primarily driven by a 123.37 percent jump in transportation charges. This was followed by a 93.93 percent spike in prices for food and non-alcoholic beverages.

Prices for furnishings and household equipment, and hotels, cafes and restaurants advanced by 81.14 percent and 79.55 percent, respectively.

On a monthly basis, consumer prices rose 4.95 percent at the end of the second quarter.

Separate data from the statistical office showed that domestic producer price inflation increased to 138.31 percent in June from 132.16 percent in May.

Among the main industrial sectors, prices for the energy industry rose 317.87 percent yearly in June and those for intermediate goods gained 126.06 percent.

Prices for non-durable consumer goods and capital goods grew 111.81 percent and 85.65 percent, respectively. Prices for durable consumer goods climbed 85.98 percent.

On a month-on-month basis, producer prices rose 6.77 percent in June.

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