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Tuesday, 03 July 2018 12:28

Turkish inflation soars to over 15% in June

Cappadocia balloons Cappadocia balloons Photo by Gamze Bozkaya on Unsplash

The Consumer Prices Index (CPI) for June 2018 has just been published and it shows that inflation in Turkey has ballooned to 15.39%.

Throughout 2017 inflation was mostly in double digits - typically just above 10%.  This latest increase from 12.15% in May to 15.39% in June is particularly unwelcome, especially as the Turkish Central Bank’s target is just 5%.

The highest year on year increases were seen in transportation (24.26%), furnishings and household equipment (18.91%) and food and non-alcoholic beverages (18.89%).  Hotel, cafe and restaurant prices increased by 13.30%.

The publication of June’s CPI figures prompted a further deterioration in the country’s currency as the lira fell by 1.3% against the US dollar.  There was a similar downward movement against sterling with the GBP v TRY mid rate slipping to 6.18.  

And it’s a perpetuating cycle because the deteriorating exchange rate only serves to put more upward pressure on inflation.  So perhaps good in the short term for tourists, but really bad news for Turkish citizens and businesses.

CPI June 2018 

 

Katie-Ellen

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