Inflation Exceeds Expectations in March: 19.71 Percent

* Photograph: Ferid Demirel / bianet

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According to the inflation figures announced by the Turkish Statistical Institute (TurkStat) for March 2019 today (April 3), the Consumer Price Index (TÜFE), which is also termed consumer inflation, has increased by 1.03 percent in comparison with February 2019, by 19.71 percent in comparison with the same month last year, by 18.70 percent in comparison with twelve-month averages and by 2.27 percent when compared to December.

As for the Producer Price Index (ÜFE), which is also known as producer inflation, it has increased by 1.58 percent in comparison with last month, by 2.14 percent in comparison with December 2018, by 29.64 percent in comparison with the same month last year and it has increased by 31.17 percent when compared to twelve-month averages.

Highest increase in medical group

The figures of the TurkStat have shown that while the highest increase in monthly consumer prices has been measured in medical expenses with 3.48 percent, it is followed by food and non-alcoholic beverages with 2.44 percent, by education with 1.45 percent, by transportation with 0.75 percent and by 0.67 percent with restaurants and hotels.

Record increase in yellow wax pepper

While the highest increase in food prices has been recorded in yellow wax pepper with 43.81 percent, it is followed by green pepper with 36.04 percent, by aubergine with 19.94 percent and by cauliflower with 19.19 percent.

Only price decrease in telecommunication

When all groups in the index are considered, the only decrease in prices in March 2019 has been recorded in telecommunication.

Highest annual increase in food and beverages

The highest increase in the Consumer Price Index (TÜFE) on an annual basis has been measured in food and non-alcoholic beverages with 29.77 percent, which is followed by some goods and services with 27.94 percent, by household goods with 26.98 percent, by entertainment and culture with 20.08 percent and by health with 19.72 percent.

Price increase in 270 products

While the average prices of 33 products in the consumer index have not changed in March 2019, the average prices of 270 products have increased. There has been a decrease in the average prices of 115 products.

Expectations

Economists participating in the state-run Anadolu Agency (AA) Finance's Inflation Expectation Survey anticipated that the monthly consumer inflation would be measured as 0.79 percent in March 2019.

While the highest figure expressed by an economist in the survey was 1.2 percent, the lowest figure was minus 0.11 percent.

As for the average of the annual consumer inflation expectations of economists, it was 15.57 percent. The economists participating in the survey expected that the annual inflation, which was announced as 19.67 percent in February, would fall to 19.43 percent in March.

Accordingly, the figures announced by the TurkStat have exceeded the expectations of the economists. (HA/SD)