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Confidence Edges Up as Consumers Hope For Economic Improvement

MNI (London)


  • Turkish consumer sentiment saw a 3.8-point improvement to 76.2 in October, edging back up towards October 2021 levels (76.8).
  • The index remains deeply pessimistic and below the 100-point neutrality threshold. The last time the index actually crossed into optimistic territory was in 2006.
  • All sub-indices pushed the index higher over the month, led by household financial condition outlooks and consumers' outlooks on the general economy over the next 12 months.
  • Consumer confidence remains severely depressed. Consumers are grappling with soaring inflation above 83% and little relief in sight as the CBRT continues to implement an unorthodox approach to monetary policy.
  • Yesterday saw the CBRT deliver a 150bps rate cut to 10.50%, against expectations of a 100bps cut as the President's call for single-digit rates by year-end is set to materialise.

Source: Turkish Statistical Institute

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