Istanbul, July 8 () - The trend of price surges in red meat maintaned in June in Turkey, the Central Bank said, stating that the price hikes in hazelnuts, peanuts and almond kernels continued, in June Price Developments report.
Consumer prices fell by 0.51 percent in June as prices of food and non-alcholic beverages falls by 2.79 percent. Conrsumer prices rose by 4.76 percent in the first six months of the year, annual inflation stood at 7.20 percent.
Annual inflation in the food and non-alcoholic beverages group decreased by 3.54 points to 9.28 percent in June. "This fall was driven by the unprocessed food prices, while the deceleration trend continued in annual processed food inflation" said in the report. "On the other hand, the trend of price surges in red meat was maintained in this period. Moreover, price hikes in nuts such as hazelnuts, peanuts and almond kernels continued, unabated."
Monthly price increases in the processed food group had lost momentum in recent months, while the course of wheat prices were significant to the outlook of the processed food prices in the upcoming period. "Developments in oil prices lowered the annual energy inflation" the Central Bank said in the report.
"Annual core goods inflation increased slightly amid exchange rate developments in this period, and services inflation remained high. Accordingly, both the underlying trend and the annual inflation of core inflation indicators followed a flat course" it added.
Across subgroups, the contribution of the food and energy groups to annual CPI inflation decreased by 0.84 point and 0.08 point, respectively, while the contribution of other groups did not register any change in June. Currently, the services group is the pioneering contributor to consumer inflation with 2.60 points.
The underlying trends of seasonally-adjusted inflation in 3-month averages indicated that core inflation indicators maintained the high levels of the previous month, said in the report. "The underlying trend of services inflation followed a flat course as it did in May, yet remained high, and that of core goods inflation exhibited a limited rise."
