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Big CPI & PPI Upside Surprise Limits Scope for Premature CBRT Easing without Destabilising TRY

TURKEY
  • TURKEY JUNE CONSUMER PRICES RISE 17.53% Y/Y; EST. +16.80%
  • TURKEY JUNE CONSUMER PRICES RISE 1.94% M/M; EST. +1.37%
  • TURKEY JUNE PRODUCER PRICES RISE 42.89% Y/Y; EST. +41.40%
  • TURKEY JUNE PRODUCER PRICES RISE 4.01% M/M; EST. +2.90%
  • big miss on CPI to the upside, limiting scope for easing in the near-term without adversely affecting TRY stability
  • PPI also much higher than forecast. USD/TRY ticking higher following the print, supported marginally by some USD buying
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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