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The Consumer Price Index (CPI) increased 1.25 percent on a monthly basis in December 2020, and the National Producer Price Index (D-PPI) increased 2.36 percent. Annual inflation was 14.60 percent in consumer prices and 25.15 percent in domestic producer prices.
Data from the Turkish Institute of Statistics (TUIK), considering the 12-month averages to December 2020, consumer prices 12.28 percent, domestic producer prices increased 12.18 percent.
On a monthly basis, the CPI increased by 1.25 percent and the D-PPI increased by 2.36 percent.
The CPI increased by 14.60 percent and the D-PPI by 25.15 percent in December 2020 compared to the same month the previous year.
Annual inflation was achieved above the 10.5 percent target set in the New Economy Program (YEP) last year.
Increases
According to the data, the D-PPI, as of December 2020, was 2.36 percent compared to the previous month, 25.15 percent compared to December of the previous year, 25.15 percent compared to the same month of the previous year and 12 percent over the twelve-month averages. 18 increased.
The annual changes in the range of the 4 industry sectors were 19.02 percent in mining and quarrying, 27.32 percent in manufacturing, 0.25 percent in electricity, gas production and distribution, and 14.83 percent in water supply.
Considering the monthly changes of these groups, an increase of 0.02 percent in mining and quarrying, 2.67 percent in manufacturing, 1.18 percent in water supply; 1.21 percent decrease in the production and distribution of electricity, gas.
When the annual variations of the main industrial groups are examined, there was an increase of 32.92 percent in intermediate goods, 27.70 percent in durable consumer goods, 19.18 percent in non-durable consumer goods, 3, 24 percent in energy and 29.70 percent in capital goods.
Regarding the monthly changes of these groups, there was an increase of 2.91 percent in intermediate goods, 1.31 percent in durable consumer goods, 1.47 percent in non-durable consumer goods, 2.86 percent. percent in energy and 1.87 percent in capital goods.
The annual decrease was 17.77 in tobacco products. On the other hand, basic metals were 56.29 percent, metallic minerals 48.97 percent, and paper and paper products were the subsectors with the highest increase in indexes with 34.94 percent.
The greatest monthly decrease was registered in metallic minerals with 2.34 percent, other manufactured goods with 1.73 percent, electricity, gas and production subsectors with 1.21 percent. On the other hand, coke and refined petroleum products with 10.71 percent, tobacco products with 7.74 percent and base metals with 6.48 percent were recorded as subsectors with the highest increase in the indices.
Expectations
The average December inflation expectations of the economists who participated in AA Finance’s Inflation Expectations Survey was 1.02 percent. Based on this average, 2020 inflation was forecast to rise to 14.34 percent.
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