Central Bank: Food prices continued to rise at a high rate

The Central Bank (CBRT) published its report on February inflation data announced by Turkstat on March 3.

In the report, “Food prices are at a high pace, led by vegetables, red meat, and milk and milk products.
It kept increasing.”

The highlights of the report are:

* Consumer prices increased 3.15 percent in February and annual inflation fell 2.50 percentage points to 55.18 percent.

* In this period, annual inflation decreased in all main groups, especially in energy. In line with the prospects for exchange rates and raw material prices, energy prices have maintained the moderate evolution of recent months.

* It was observed that the monthly increases in the group of basic goods also slowed down in this period.

* Although the increase in prices for services moderated compared to the previous month, it remained relatively high, led by items such as restoration, training and maintenance-repair.

* The monthly rate of increase in rents decreased significantly compared to the previous month.

* On the other hand, food prices continued to rise at a high rate, led by vegetables, red meat, and milk and derivatives.

* In February, the monthly increase in producer prices weakened with the contribution of the significant drop in energy prices. Under this perspective, annual inflation in the B and C indices decreased,
Seasonally adjusted monthly growth slowed significantly to its pre-January levels.