03.03.201503:46:00UTC+00Turkey Inflation Accelerates More Than Expected In February

Turkey's consumer price inflation accelerated at a faster-than-expected pace in February, after easing in the previous month, figures from Turkstat showed Tuesday.

The consumer price index climbed 7.55 percent year-on-year in February, exceeding economists' expectations for a 7.42 percent increase.

In January, prices had risen 7.24 percent, which was the lowest level of inflation since May 2013.

Prices of food and non-alcoholic beverages grew 13.70 percent annually in February and clothing and footwear prices increased by 7.40 percent. Meanwhile, transport costs dropped by 1.49 percent.

On a monthly basis, consumer prices rose for the second straight month by 0.71 percent in February, but slower than January's 1.10 percent rise. Economists had expected a 0.65 percent increase for the month.

Separately, the statistical office released the domestic producer price index figures for the month of February.

Producer prices rose 3.10 percent annually in February, slower than economists' expectations for a 3.14 percent increase.

In January, prices went up 3.28 percent, which was the slowest rate of growth since May 2013, when prices rose only 2.17 percent.

Month-on-month, producer prices climbed at a faster pace of 1.20 percent in February, following a 0.33 percent rise in the prior month.

It was the second consecutive monthly increase. Economists had forecast a 1.0 percent growth for the month.