Turkey Inflation Accelerates More Than Expected In December

(RTTNews) - Turkey's consumer price inflation quickened at a faster-than-expected pace in December to the highest level in more than one year, figures from Turkstat showed Monday.

The consumer price index rose 8.81 percent year-over-year in December, faster than the 8.1 percent climb in November. Economists had expected the inflation to accelerate to 8.5 percent.

The latest rate of inflation was the highest since November 2014, when prices had risen 9.15 percent.

Prices of food and non-alcoholic beverages grew 10.87 percent annually in December and that for clothing and footwear surged by 8.99 percent.

On a monthly basis, consumer prices edged up 0.2 percent in December, following a 0.67 percent rise in the preceding month. It was forecast to remain flat during the month.

In an another report, the statistical office announced that producer prices climbed at a faster pace of 5.71 percent yearly in December, following a 5.25 percent rise in November. However, it was slower than the 6.03 percent spike expected by economists.

Month-on-month, producer prices dropped 0.33 percent in December, exceeding economists' expectations for a 0.05 percent mere fall, but slower than prior month's 1.42 percent decline. It was the third successive monthly decrease.