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CBRT See Price Pressures Declining, Though Note Upside Risks

TURKEY
Highlights from the CBRT September meeting summary:
  • As the strong course of domestic demand and the stickiness of services inflation persist, the increase in oil prices and the ongoing deterioration in inflation expectations pose additional upside risks to inflation.
  • Leading indicators suggest that the high price hikes over the last two months will decelerate. Preliminary data suggest that the rise in food prices has lost pace compared to previous months, while the lagged effects of wages, exchange rates and taxes on inflation have weakened significantly.
  • The current course of inflation expectations and the deterioration in pricing behavior keep upside risks to the inflation outlook alive.
  • With the acceleration in retail loans, it is assessed that domestic demand is deteriorating price stability both directly and through the current account balance.
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