Central Bank: Food prices rose above historical trend

The Central Bank (CBRT) published its March Price Evolution Report.

In the report, it was noted that food prices rose more than the historical trend, led by red meat and processed meat products.

In the report, in addition to the stable course of the Turkish lira in March and the positive outlook in import prices, it was reported that the monthly price increase in the group of basic goods slowed down due to the continuation of the seasonal discount on garments. To wear. and footwear sector.

The Turkish Statistical Institute (TUIK) announced consumer inflation (CPI) data for March yesterday. According to TUIK data, the CPI variation was 2.29 percent monthly and 50.51 percent annually in March.

HIGHLIGHTS OF THE REPORT ON PRICE EVOLUTION FOR MARCH

Following the data released yesterday, the CBRT assessed the situation in the inflation figures in the March Price Evolution Report. The following salient points were highlighted in the report:

* Consumer prices increased 2.29 percent in March and annual inflation fell 4.67 points to 50.51 percent. In this period, annual inflation decreased in all the main groups.

* The prices of the energy group continued with a moderate course in line with the perspectives of the exchange rates and the prices of raw materials.

* In addition to the stable course of the Turkish lira and the positive outlook on import prices, the monthly increase in prices in the group of basic goods slowed down due to the continuation of the seasonal discount in the clothing and footwear sector in March.

* Food prices increased more than historically in this period, led mainly by red meat and processed meat products.

* The effects of rentals, food services, training and tourist packages were felt to a large extent in services, which is another item that stands out along with food in the evolution of monthly consumer prices.

* In March, the monthly increase in producer prices weakened considerably, supported by the evident fall in energy prices.

* The seasonally adjusted core indicators registered the lowest monthly rate of increase since October 2021.