Turkey's inflation increases to 7.14 percent in August, above expectations

Turkey's inflation increased 7.14 percent in August when compared to the same month of the previous year, while the monthly increase stood above expectations at 0.4 percent, according to data released by the Turkish Statistical Institute (TurkStat) yesterday. Prices increased 5.27 percent since last December as well as increased 7.88 percent on a 12-month moving averages basis.

The highest monthly price increase was in the hotel, cafe and restaurant category with 2.05 percent, followed by the recreation and culture category with 1.96 percent, education with 1.41 percent, food and non-alcoholic beverages with 1.31 percent and miscellaneous goods and services with 1.21 percent. The highest monthly price decrease was in the clothing and footwear category with 4.32 percent, and transportation also decreased 0.38 percent.

The highest annual price increase was announced in the hotel, cafe and restaurant category with 14.26 percent, followed by miscellaneous goods and services with 9.91 percent, food and non-alcoholic beverages with 9.71 percent, recreation and culture with 9.19 percent and furnishings and household equipment with 8.60 percent.

Geographically speaking, the highest monthly increase in prices occurred in the southern provinces of Gaziantep, Kilis and Adıyaman, which are all swarming with refugees from Syria, with 1.08 percent.

The highest price increase since December was in the country's tourism bases of the southwestern Aydın, Denizli and Muğla provinces with 6.40 percent. The highest 12-month increase was in the northwestern provinces of Balıkesir and Çanakkale with 8.15 percent and the highest 12-month moving averages basis increase was announced in the southwestern provinces of Şanlıurfa and Diyarbakır with 8.61 percent.

Regarding the average prices of 426 items listed on the TurkStat index, the average prices of 62 items remained unchanged in August, while the average prices of 259 items increased and average prices of 105 items decreased.