- Israel says killed 15 Hezbollah militants in Lebanon strike
- Phasing out teen smoking could save 1.2 mn lives: study
- 'Kill him first': Israel eyes top level targets
- Championship leader Martin warns of 'unpredictable' Japan MotoGP
- France must fully probe Azerbaijani dissident's killing: Amnesty
- 'Welcome relief': Asia producers hail EU deforestation law delay
- Japan PM slated to announce plans for 'happiness index'
- Turkish inflation falls less than expected in September at 49.4%
- Easing inflation lifts profit at UK supermarket Tesco
- Skiing calls on UN climate science to combat melting future
- China wine industry looks to breed climate resilience
- Gaza war fuels Arab support for Palestinians, to little effect
- Dutch airline KLM unveils 'firm' cost-cutting measures
- Sri Lanka spinner Jayawickrama banned from cricket for corruption
- EU top team knuckle down for 'scary' confirmation hearings
- Gruelling schedule highlighted as Alcaraz runs from stadium to airport
- 'People will come back': Kazakhstan debates nuclear future
- 'They even murder children': Burkinabes caught in conflict crossfire
- Carpe diem: the Costa Rican women turning fish into fashion
- Senegal looks to aquaculture as fish stocks dwindle
- Deadly strike on central Beirut after Israel, Iran trade threats
- Will AI one day win a Nobel Prize?
- Conte plays down Napoli's title chances
- Tolstoy's descendants in family saga over Russian peace prize
- Climate change, economics muddy West's drive to curb Chinese EVs
- Tigers, Royals, Padres advance in MLB playoffs, Brewers stay alive
- Singapore ex-minister sentenced to 12 months in prison in rare graft trial
- Baseball 'superhuman' Ohtani finds new ways to amaze among greats
- TotalEnergies plans to grow oil and gas production until 2030
- 2024 Nobels offer glimmer of hope as global crises mount
- Tokyo rallies on weak yen, Hong Kong reverses after surge
- Australia's world No.7 Green wants women to play Presidents Cup
- Mexico leader worried about drinking water after Hurricane John
- Tunisia readies for vote as incumbent Saied eyes victory
- Messi scores two as Miami clinch MLS Supporters' Shield
- US election like no other enters nail-biting final month
- Morocco mobile desalination units quench remote areas' thirst
- US election: five key moments in an extraordinary campaign
- High childcare costs in US weigh on women's employment
- US voters seek help with crushing childcare costs
- Taiwan shuts down for second day as Typhoon Krathon to land
- Chappell Roan drama sees US singer's fandom get political -- and pushy
- Supercharged storms: how climate change amplifies cyclones
- Huge protests in Argentina over public university cuts
- Deadly Israeli strike on central Beirut after soldiers killed
- Trump 'resorted to crimes' to overturn 2020 election: special counsel
- Tigers and Royals complete sweeps to advance in MLB playoffs
- Australia's most capped footballer Polkinghorne to retire
- Emery masterminds 'statement' Champions League win for Aston Villa
- Ancelotti holds hands up as Real Madrid's long unbeaten run ends
BCC | -1.33% | 139.53 | $ | |
SCS | -2.56% | 12.87 | $ | |
JRI | -1.12% | 13.38 | $ | |
NGG | -1.85% | 68.78 | $ | |
RIO | -0.48% | 70.82 | $ | |
GSK | -2.15% | 39.45 | $ | |
BCE | -1.13% | 34.44 | $ | |
CMSC | 0.04% | 24.78 | $ | |
AZN | 1.14% | 79.58 | $ | |
CMSD | -0.04% | 24.93 | $ | |
RBGPF | 100% | 59.99 | $ | |
RYCEF | 0.14% | 6.91 | $ | |
BTI | -1.33% | 35.97 | $ | |
BP | 0.86% | 32.37 | $ | |
VOD | -2.16% | 9.74 | $ | |
RELX | -0.11% | 47.29 | $ |
Turkish inflation falls less than expected in September at 49.4%
Turkish annual inflation slowed less than expected in September to 49.4 percent, official data showed Thursday, a figure which analysts said could disappoint central bank officials after a series of interest rate hikes.
Turkey's central bank began to raise rates last year in efforts to battle soaring prices, after President Recep Tayyip Erdogan dropped his opposition to orthodox monetary policy.
The September inflation figure was higher than the 48.1 percent consumer price increase forecast by Turkish economists cited by local media.
Inflation had reached 52 percent in August.
"The smaller-than-expected decline in Turkey's headline rate to 49.4 percent y/y (year-on-year) in September will be a disappointment to policymakers at the central bank," Nicholas Farr, emerging Europe economist at the London-based Capital Economics, said in a note to clients.
He said the figure showed that a monetary easing cycle was unlikely to start until 2025 -- later than most other analysts have been forecasting.
Last month, the central bank kept its main interest rate stable at 50 percent for a sixth consecutive month and said it remained highly attentive to inflation risks.
According to the central bank's forecast, inflation will ease to 38 percent at the end of this year, 14 percent next year and nine percent in 2026.
Farr said inflation would fall further over the coming months but that the central bank's end-year forecast of 38 percent "looks way out of reach".
He said a particular concern for the central bank would be that, in month-on-month terms, core inflation continued to accelerate.
Inflation increased 2.97 percent on a monthly basis in September, the TUIK statistics agency said.
- 'People will feel slowdown' -
Erdogan this week said inflation was on a downward trend.
"Our people will feel the slowdown more in the bazaars, and in their shopping baskets," he added.
According to the Istanbul Chamber of Commerce, retail prices in Turkey's largest city Istanbul alone increased by 3.9 percent on a monthly basis and 59.2 percent on an annual basis in September.
Turkey's annual inflation rate reached a decades-long high of 85 percent in October 2022, according to official data.
It fell to 38.2 percent in June 2023 before rising again. It reached 75 percent in May this year but started to fall in June.
The biggest price increases in September came from housing, which rose almost 98 percent on an annual basis, followed by education at 93.6 percent, and restaurant and hotels at 65.4 percent.
V.Fontes--PC