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Consumer Prices Rise 39.59% y/y; USD/TRY Trades to Fresh Record High

  • Turkey’s consumer prices rose 39.59% y/y (Est: +39.20%) in May versus +43.68% in April, according data released by the Turkish Statistical Institute this morning. The m/m figure was unchanged, in-line with estimates, versus a +2.39% increase in April. Core prices rose 46.62% y/y (Est: +43.70%; Prior: +45.48%). Producer prices rose 40.76% y/y versus +52.11% prior.
  • USD/TRY has traded to as high as 21.1615 this morning – a fresh record high. The pair currently sits 1.05% higher and lies above the unofficial Grand Bazaar rate for the first time since 2022.
  • There are no other data releases left on the docket today.

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