CBRT meeting summary details August inflation and energy risks

The Central Bank of the Republic of Türkiye published its summary of the Monetary Policy Committee’s 10 September meeting on 17 September. It said consumer prices rose 1.84% month on month in August, while annual inflation eased by 0.24 percentage points to 31.51%. The annual B index fell to 30.68%, whereas the C index rose to 30.07%.

The B measure excludes energy, unprocessed food, alcohol, tobacco and gold; the C measure also excludes food and non-alcoholic beverages. The bank highlighted energy-price increases and their pass-through to transport services, as well as education and communication services, among the factors affecting August consumer inflation.

The summary also said international energy, agricultural-commodity and industrial-metal prices increased in August. It placed Brent crude at USD 91 per barrel in August and an average of USD 103 during the first 10 days of September. These are period observations cited in the document, not a guarantee or forecast of future prices.

The meeting summary explains the committee’s policy assessment. Observed consumer-price data and commodity-market readings should be kept distinct from the bank’s forward-looking policy analysis.