CBRT August Report: Main Inflation Trend Increased Limitedly
According to the report published by the Central Bank, consumer prices increased by 1.84 percent in August, while annual inflation fell to 31.51 percent.
According to the August Price Developments Report published by the Central Bank of the Republic of Turkey, consumer prices recorded an increase of 1.84 percent in this period, while annual inflation declined to 31.51 percent.
Developments in Consumer Prices
The Central Bank of the Republic of Turkey shared the August Price Developments Report with the public. According to the report, consumer prices recorded an increase of 1.84 percent in the relevant month.
Annual consumer inflation decreased by 0.24 points compared to the previous month, falling to 31.51 percent.
Energy and Transportation Sector
Developments in energy prices were decisive in the course of consumer inflation. Energy prices, which rose in July due to the impact of geopolitical developments, increased by 5.46 percent in August, led by fuel.
While monthly inflation in the services group maintained its high course, the reflections of increases in fuel prices on transportation services continued.
Situation in the Services and Education Sector
While the high price increase trend continued in communication services, developments in the fees of foundation higher education institutions were effective in education services.
It was observed that the university tuition fee increases, which were made in a single lump sum last September, were spread across August and September this year.
Slowdown in Service Items
In its report, the Central Bank noted that the deceleration trend continued in some service items, primarily rent and restaurants-hotels.
Core Goods and Food Group
Core goods inflation managed to maintain its relatively low course. With the impact of the positive outlook in apparel and non-apparel core goods, seasonally adjusted core goods inflation was 0.58 percent.
In the food group, annual inflation declined with the contribution of fresh fruit and vegetable prices, and the monthly prices of these products decreased by 8.2 percent.
Producer Prices and Main Trend
Under the influence of global energy prices, domestic producer prices increased by 2.57 percent in August, and annual producer inflation reached 27.95 percent.
Under this outlook, the CBRT reported that the monthly main trend of consumer inflation increased limitedly in August, but remained more moderate compared to the first half of the year.