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Country Report Turkey January 2011
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HTMLEconomic performance: Inflation cools off in November as food prices fall
In November the consumer price index (CPI) rose by just 0.03% month on month and by 7.3% year on year, down from an annual rate of increase of 8.6% in October and 9.2% in September. The main reason for the deceleration in November was the partial reversal of the surge in food prices, which pushed the CPI higher in September and October. Prices of food and non-alcoholic beverages declined by 1.9% month on month, although they remained 12.4% higher than in November 2009. Price inflation in most other categories remained subdued in November 2010, reflecting spare capacity, increased competition and an earlier appreciation of the lira. Clothing and footwear prices rose by 3.9% month on month, but this was purely a seasonal increase; on a year-on-year basis they were up by only 3.7%. Prices of alcoholic drinks rose by 16.2% month on month owing to a tax increase.
| Inflation | |||||||||||||
| (% change year on year, unless otherwise indicated) | |||||||||||||
| 2009 | 2010 | ||||||||||||
| Nov | Dec | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | |
| Consumer prices (2003=100) | 5.5 | 6.5 | 8.2 | 10.1 | 9.6 | 10.2 | 9.1 | 8.4 | 7.6 | 8.3 | 9.2 | 8.6 | 7.3 |
| % change month on month | 1.3 | 0.5 | 1.9 | 1.5 | 0.6 | 0.6 | -0.4 | -0.6 | -0.5 | 0.4 | 1.2 | 1.8 | 0.0 |
| Food & non-alcoholic beverages | 7.4 | 9.3 | 9.4 | 14.8 | 11.2 | 11.8 | 6.7 | 5.6 | 5.5 | 10.4 | 15.3 | 17.1 | 12.4 |
| % change month on month | 2.2 | 2.2 | 1.6 | 8.0 | 0.6 | 0.1 | -4.4 | -2.5 | -0.7 | 3.0 | 4.7 | 4.5 | -1.9 |
| Clothing & footwear | 2.2 | 2.4 | 3.4 | 3.8 | 4.6 | 4.1 | 3.8 | 5.0 | 5.9 | 6.3 | 5.1 | 4.3 | 3.7 |
| % change month on month | 4.6 | -2.8 | -8.2 | -5.3 | 0.4 | 10.6 | 11.2 | 0.4 | -5.2 | -4.8 | -2.2 | 7.6 | 3.9 |
| Housing, water, electricity, gas & other fuels | 1.3 | 2.3 | 3.1 | 4.6 | 4.9 | 6.1 | 8.6 | 8.4 | 8.3 | 7.7 | 7.4 | 5.3 | 5.2 |
| % change month on month | 0.7 | 0.5 | 1.5 | 0.4 | 0.2 | 0.1 | 0.4 | 0.5 | 0.3 | 0.1 | 0.3 | 0.2 | 0.6 |
| Household goods | -1.8 | -2.7 | -1.7 | -0.8 | 0.2 | 3.2 | 3.6 | 4.0 | 3.7 | 3.5 | 3.8 | 1.2 | 8.6 |
| % change month on month | -0.7 | -0.4 | 0.7 | -0.1 | -0.5 | 0.7 | 0.1 | 0.4 | 0.6 | 0.0 | 0.5 | -0.1 | 0.6 |
| Transportation | 5.5 | 7.9 | 10.7 | 9.7 | 12.7 | 14.7 | 13.8 | 10.2 | 10.1 | 8.1 | 8.0 | 6.2 | 5.4 |
| % change month on month | 1.3 | -0.3 | 3.5 | 0.4 | 0.7 | 0.1 | 0.0 | -0.4 | 0.5 | -0.2 | 0.1 | 0.4 | 0.5 |
| Producer prices (1997=100) | 1.5 | 5.9 | 6.3 | 6.8 | 8.6 | 10.4 | 9.2 | 7.6 | 8.2 | 9.0 | 8.9 | 9.9 | 8.2 |
| % change month on month | 1.3 | 0.7 | 0.6 | 1.7 | 1.9 | 2.4 | -1.2 | -0.5 | -0.2 | 1.2 | 0.5 | 1.2 | -0.3 |
| Source: Turkish Statistical Institute (Turkstat). | |||||||||||||
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