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CBRT Cite Energy, Wages and Taxes Behind Resilient Inflation

TURKEY
  • Following yesterday’s higher-than-expected inflation release, the Turkish central bank cited the delayed impacts of taxes across August, the depreciation of the TRY, wage hikes and a global rise in energy prices as the key drivers of price rises. They also added that inflationary pressures are also becoming more evident via the producer prices channel.
  • Following yesterday’s meeting in Sochi between the Turkish and Russian Presidents, TASS writes that the leaders could meet again after Erdogan makes contact with UN leaders at the G20. The aborted grain deal remains the focus for discussions, with Russia laying down further conditions for re-entering any agreement. Erdogan is set to meet with his cabinet later today, at which he will discuss the meeting with Putin.
  • Foreign minister Fidan is set to meet and hold a joint press conference with his Greek counterpart in Ankara later today, while the trade ministries of Turkey and Japan are set to meet and sign declarations of cooperation.

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