Turkey’s consumer price inflation accelerated more-than-expected in December to the highest level in twelve months, figures from the Turkish Statistical Institute showed Tuesday.
Consumer prices climbed 8.53 percent year-over-year in December, faster than the 7.0 percent rise in November. That was also above the 7.6 percent increase expected by economists.
The latest inflation rate was the highest since December last year, when prices had grown 8.81 percent.
Cost of alcoholic beverages showed the biggest annual growth of 31.6 percent. Transport costs surged 12.4 percent in December and prices of food and non-alcoholic beverages went up by 5.65 percent.
On a monthly basis, consumer prices rose 1.64 percent in December, following a 0.52 percent gain the prior month. It was forecast to rise by 0.9 percent.
In an another report, the statistical office revealed that producer price inflation quickened to 9.94 percent in December from 6.41 percent a month ago.
Moreover, the latest rate of increase was the highest since October 2014, when prices had risen 10.1 percent.
Month-on-month, producer prices grew 2.98 percent in December, faster than the 2.0 percent climb in November.