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Rising Food Prices Continue to Drive Inflation

TURKEY
  • Consumer prices rose 61.53% y/y (Est: +61.60%) in September versus +58.94% in August, according to the Turkish Statistical Institute. The monthly figure rose by 4.75% (Est: +4.78%) versus +9.09% the month prior while core consumer prices rose 68.93% y/y (Est: +67.20%) compared to +64.85% in August. Food prices increased 75.14% y/y.
  • Meanwhile, producer prices rose 47.44% y/y in September versus +49.41% in August (3.4% m/m versus +5.89% prior).
  • Industrialists have complained about the 20% increase in natural gas and electricity used in industry, Ekonomi report. Industry officials warned that some facilities may close as export losses accelerate.
  • Central bank Governor Hafize Gaye Erkan will address parliament’s planning and budget commission at 1330BST/1530 local time in Ankara.

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