Turkey's Annual Inflation Edged Up in September

By Maria Martinez

Turkey's inflation rate accelerated slightly on an annual basis in September, the country's state statistics agency said Monday.

The consumer price index rose 19.58% on year in September compared with 19.25% in August, TurkStat said. The reading is lower than the 19.8% expected by economists polled by FactSet.

The main driver of the on-year increase was food and non-alcoholic beverages at 28.8%, followed by furnishings and household equipment at 23.27% and hotels, cafes and restaurants with a 23.27% year-on-year increase.

On month, prices rose 1.25% in September, more than the 1.12% rise registered in August, TurkStat said.

Turkey's central bank said in September that the recent increase in inflation has been driven by supply side factors such as a rise in food and import prices and supply constraints, as well as increasing demand following the easing of restrictions.

The central bank said it will continue to use all available instruments until strong indicators point to a permanent fall in inflation and the medium-term 5% target is achieved in pursuit of the primary objective of price stability.

Write to Maria Martinez at [e-mail]

(END) Dow Jones Newswires

10-04-21 0326ET