MNI China Daily Summary: Monday, July 29

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Consumer Prices Rise 50.51%, Erdogan Criticises US Visit to Opposition Leader

TURKEY
  • President Erdogan said upcoming elections should be a “lesson” to the United States, his most explicitly anti-western comment of the campaign so far, Bloomberg report. “We have to give a lesson to America” in the May 14 elections, state-run Anadolu Agency cited Erdogan as saying in Istanbul on Sunday, criticising a visit by US Ambassador Jeff Flake to Erdogan’s main electoral rival, Kemal Kilicdaroglu.
    • The US envoy visited Kilicdaroglu in Ankara on March 29 “as part of continuing conversations with Turkish political parties on issues of mutual interest,” the US Embassy said in a Tweet.
  • Consumer prices rose 50.51% y/y (Est: 51.25%) in March versus 55.18% in February, according to data released by the Turkish Statistical Institute this morning. The monthly figure rose 2.29% (Est: 2.85%, Prior: 3.15%) while core prices rose 47.36% y/y (Est: 47.85%, Prior: 50.58%). Base effects, especially for energy prices, had been expected to continue to drive the downward trend.
  • Turkey's producer prices rose 62.45% y/y in March compared to 76.61% in February. Prices rose 0.44% m/m versus 1.56% prior.
  • S&P Global’s Manufacturing PMI for Turkey rose to 50.9 from 50.1 in February, the highest reading since December 2021. New Orders rose to 52.6 compared to 48.6 in February.
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