Seasonal behaviour of the consumer price index of Turkey

Abstract

In this study, the seasonal properties of the consumer price index (CPI) of Turkey are investigated with the use of Hylleberg et al. (HEGY) and Canova-Hansen (CH) seasonal unit root tests. According to the test results, there is evidence of nonstationary stochastic seasonality as well as deterministic seasonality in the Turkish consumer prices.

Acknowledgements

The views expressed in this paper are those of the author and do not necessarily represent those of the Central Bank of the Republic of Turkey.

Notes

¹ Calculated based on the formula period = 2π/frequency.