Service inflation surges to 86.5%

TURKEY - Report 03 Oct 2023 by Murat Ucer and Atilla Yesilada

Consumer prices rose by 4.8%, m/m, in September, broadly in line with the consensus forecast, with 12-month CPI-inflation increasing further to 61.5% -- the highest level since the beginning of the year -- from 58.9% in August. Producer prices rose at a more moderate rate of 3.4% in the month, with the 12-month rate falling to 47.4% from 49.4% during the same period. The CPI inflation now running above PPI inflation for the third consecutive month suggests that cost-push pressures have moderated, relatively speaking.

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