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Investing.com -- Turkey’s annual consumer price inflation decreased to 32.87% in October, down from 33.29% in September, according to data released Monday by the Turkish Statistical Institute.
The monthly inflation rate was 2.55% in October, lower than the 3.23% recorded in September. Both the annual and monthly figures came in below market expectations, with economists having forecast annual inflation of 33.24% and monthly inflation of 2.83%.
The October inflation was primarily driven by higher clothing and food prices, though the overall increase was more moderate than anticipated.
This marks a change from September and August, when inflation readings exceeded expectations, prompting the central bank to slow its monetary easing cycle.
The data also showed that Turkey’s domestic producer price index increased by 1.63% month-on-month in October, resulting in an annual rise of 27%.
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