The Central Bank of the Republic of Turkey (CBRT) addressed the food, energy and services groups in its April inflation assessment. The evaluation states: “Consumer prices rose by 7.25 percent in April, annual inflation rose by 8.83 points to 69.97 percent. International commodity prices and supply problems continued to put pressure on consumer prices. During this period, the increase in annual consumer inflation was smaller. “The biggest contributors to this development were energy and service companies, especially food. has risen sharply during this period,” it said.
According to the assessment, energy inflation rose significantly, led by developments in managed/directed items such as natural gas and network water. During this period, annual service group inflation rose across subgroups, and transportation and restaurants/hotels remained the top groups in line with the energy and food price outlook. While core annual inflation rose in durable goods, it fell in other subgroups. It was observed that the VAT reduction applied to certain products was reflected in the prices and this development had a positive impact on the prices of other core goods. Producer prices continued to rise due to persistently high international commodity prices, rising domestic energy prices and disruptions in supply chains. Under this outlook, the annual inflation of indicators B and C continued to rise.
In April, consumer prices rose 7.25 percent and annual inflation rose 8.83 points to 69.97 percent. When the subgroups’ contributions to annual consumer inflation are analyzed, the contributions of the food, energy, services, staples, alcohol-tobacco, and gold groups are each 4.65; 1.62; 1.48; It increased by 0.91 and 0.17 points.
When analyzed with seasonally adjusted data, the monthly increase in the B index increased compared to the previous month, while it decreased slightly in the C index. While monthly price increases increased in the services and processed food groups included in the B index, they slowed somewhat in the core goods group. Services prices rose 4.74 percent in April, and the group’s annual inflation reached 42.18 percent, up 5.46 points. While annual inflation rose in all subgroups, increases in transportation services and restaurants and hotels were more pronounced. Cumulative increases in fuel prices continued to hurt the outlook for transportation services, and the group’s annual inflation rose to 78 percent as prices rose 11.35 percent.
In the transport group, high increases were observed in both long-distance and urban passenger transport. Another sector negatively impacted by input costs was restaurants and hotels, and the group’s annual inflation was 69.26 percent, with prices rising 6.95 percent, led by catering services.
The analysis with seasonally adjusted data shows that monthly rent increases remained flat in April. Annual core inflation rose 2.39 percentage points to 61.58 percent in April. During this period, annual inflation rose in the durable goods group and fell in other subgroups.
Durable goods prices (excluding gold) rose 5.11 percent in April, while furniture prices rose 12.18 percent, while prices for automobiles (4.12 percent) and household appliances (4.22 percent) also increased.
With these developments, annual inflation in durable goods reached 74.62 percent. In the other basic necessities commodity group, price increases on home maintenance, entertainment culture and household items coincided, while a cut in the sales tax rate on basic hygiene items from 18 percent to 8 percent limited group inflation. The monthly price increase in the apparel and footwear group was slightly lower year-on-year at 7.02%, and annual inflation fell 0.79 points to 25.75% in April.
Energy prices rose 7.62 percent in April and the group’s full-year inflation rose 15.26 points to 118.20 percent. Natural gas and tap water prices, which are managed and managed items, rose 27.92 and 14.22 percent, respectively, becoming the main determinant of this trend. During this period, fuel, solid fuel and bottled gas prices continued to rise. Food and soft drink prices rose 13.38 percent in April, and the group’s annual inflation rose 18.77 points to 89.10 percent.
High international agricultural commodity prices, unfavorable weather conditions and rising input costs are putting pressure on the sector. As a result of these developments, general price increases occurred, while annual inflation was 100.67 percent for unprocessed food and 78.09 percent for processed food. Seasonally adjusted data showed that fresh fruit and vegetable prices in unprocessed foods have increased significantly.
In the other unprocessed food subgroup, red and white meat, which was hit by feed prices, and milk, which was hit by the reference price regime, as well as potatoes and rice, stood out with large price increases. Big price increases in unprocessed foods also had a negative impact on related processed foods. In this group, annual subheading inflation was 85.81 percent, with bread and grain prices rising 6.30 percent.
Among other processed foods, large price increases were noted for cheese and other dairy products, sugar and sugar-related products, fats and oils, soft drinks and meat products. Alcohol and tobacco prices rose 4.02 percent in April and annual inflation rose to 56.38 percent.
In this development, the after-effects of the increase in cigarette prices caused by the manufacturers in March were observed. Domestic producer prices rose 7.67 percent in April, and annual inflation rose 6.85 points to 121.82 percent. High commodity prices, supply chain disruptions and rising domestic energy costs continued to weigh on producer prices. When analyzed by main industrial groups, annual inflation remained almost unchanged for intermediate goods, while increasing in other sub-groups. While price increases spread across the sub-items, increases in hard coal and lignite, crude oil natural gas, water and water treatment, electricity, non-metallic mineral products related to construction, food, pressure registration services, furniture and wood products came to the fore.
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