Turkey's CB blames price rise on foreign exchange rates

In the first eight months of 2011, TUFE rose 3.75 percent and UFE increased 8.05 percent.

Turkey's CB blames price rise on foreign exchange rates

The Central Bank of Turkey said on Tuesday that basic prices were up due to a rise in foreign exchange rates in August.

The Central Bank made public its report on the inflation figures in August, and said the fundamental price indicators rose in August due to a rise in foreign exchange rates.

Turkish statistics authority, TurkStat, announced on Monday that consumer prices index (TUFE) increased 0.73 percent and producer prices index (UFE) rose 1.76 percent in August, 2011.

According to 2003-based annual figures, annual inflation as of August was posted as 6.65 percent in TUFE, and 11 percent in UFE.

In the first eight months of 2011, TUFE rose 3.75 percent and UFE increased 8.05 percent.

On 12-month averages, annual inflation in TUFE was posted as 6.24 percent and in UFE as 9.76 percent.

Also, Turkish lira's (TL) losing value increased energy prices in August around 1.29 percent. Annual inflation in energy rose to 9.96 percent in this month.

Moreover, producer prices in agriculture were down due to fresh fruit and vegetable prices in August.

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Last Mod: 06 Eylül 2011, 14:59
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