Consumer morale deteriorates in December

Consumer morale deteriorates in December

Consumer morale deteriorates in December

The consumer confidence index declined by 1.3 percent in December from October to 75.6, the Turkish Statistical Institute (TÜİK) has said.

Any index figure above the 100 mark indicates optimism among consumers.

The sub-index, which measures households’ assessment of their current financial situation, which improved 1.5 percent month-on-month in October, this time dropped 1.5 percent.

The survey data TÜİK released yesterday also showed that households’ expectations regarding their financial situation over the next 12 months continued the deteriorates with the respective sub-index falling 0.6 percent after declining 0.5 percent the previous month.

In the December survey, consumers appeared to be pessimistic about the general economic outlook in the next 12 months.

The sub-index measuring households’ expectations regarding the overall economic situation fell 4 percent month-on-month, after rising 3.4 percent in October.

Consumers also said in the December survey that the current general economic situation worsened compared with the past 12 months and that they expected the number of unemployed people to increase in the next 12 months.

The participants of the survey expect consumer prices to decline in the next 12 months compared with the past 12 months, with the related sub-index rising 1.5 percent in December after declining 4.5 percent in October.

Any increase in this sub-index indicates that consumers expect prices to fall.

Monthly inflation eased from 3.54 percent in October to 2.88 percent in November, while the annual inflation rate slipped from 85.5 percent to 84.39 percent.