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Consumer Prices Rise 64.77% Y/Y in December, Slightly Below Estimates

TURKEY
  • Turkey's consumer prices rose a less-than-expected 64.77% y/y in December (Est: +64.95%) versus +61.98% in November, according to the Turkish Statistical Institute. Prices rose 2.93% m/m (Est: +3.00%; Prior +3.28%) while core prices rose 70.64% y/y (Est: +69.50%; Prior: +69.89%). The reading was in line with the outlook drawn up by the central bank and the government, though the government’s decision to raise the minimum wage by 49% in 2024 poses upside risks moving forward.
  • Meanwhile, Turkey's producer prices rose 44.22% y/y in December compared to +42.25% in November. The month-on-month figure rose 1.14% (Prior: +2.81%).
  • Following the release of the data, Finance Minister Simsek posted the following on X: “We increased predictability thanks to the realistic and consistent targets of the program we implemented. The 2023 year-end realizations are in line with our program and we are meeting our revised targets.”
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