Turkish Inflation Eases But Energy Costs Test Cenbank Outlook

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessTurkish Inflation Eases But Energy Costs Test Cenbank OutlookTurkey’s annual inflation eased for a second straight month, though persistently high energy prices driven by the Iran war still loom large over the central bank’s year-end inflation forecast.Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — Turkey’s annual inflation eased for a second straight month, though persistently high energy prices driven by the Iran war still loom large over the central bank’s year-end inflation forecast.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountConsumer-price increases came in at 31.75% in July in annual terms, down from 32.1% in June. The reading was below the median estimate of 31.9% in a Bloomberg survey of economists.On a monthly basis, consumer prices accelerated to 1.78%, up from 1% the month prior, signaling renewed upside price pressures.The economic fallout of the Middle East conflict continues to weigh on Ankara’s disinflation program, which the war’s outbreak effectively stalled. High oil and gas prices are particularly detrimental because Turkey is a major energy importer. Crude Brent shot up throughout much of July on the back of renewed fighting between the US and Iran.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe central bank forecasts a year-end annual inflation rate of 26%, well below many economists’ predictions. It may update that figure in its next inflation presentation on Aug. 13.In response to the war, the monetary authority suspended repo funding and began lending from its costlier, overnight rate of 40%. It also introduced temporary tax measures to cushion the impact of higher fuel costs on consumers. The phasing out of those measures could negatively affect the inflation outlook, the central bank wrote in the summary of its July 23 policy meeting.Economists expect faster price increases in services, particularly education, throughout the rest of the year. Inflation in food and clothing — usually subdued in summer — is also likely to accelerate in the months ahead.Escalating Middle East tensions and renewed pressure on the lira keep risks skewed to the upside, according to Bloomberg Economics’ Selva Bahar Baziki. She expects a year-end annual inflation rate of 29.5%.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.