August 03, 2022 07:26 GMT
TURKEY JUL CPI +2.37% M/M (FCST +2.61%); JUN +4.95% M/M
TURKEY JUL CPI +79.60% Y/Y (FCST +80.24%); JUN +78.62% Y/Y
TURKEY JUL CORE CPI +61.69% Y/Y (FCST +61.25%); JUN +57.26% Y/Y
TURKEY JUL PPI +5.17% M/M, +144.61% Y/Y; JUN +138.21%Y/Y
- Turkish headline inflation edged up a further 1.0pp to +79.60% y/y in the July print, coming in 0.6pp below the forecast. The month-on-month reading was marginally softer at +2.37% m/m (vs 2.61% expected).
- Inflation was last this high in late 1998.
- Transportation (+119.11% y/y), food (+94.65% y/y) and household equipment (+88.35% y/y) again saw the largest increases. A small -0.85% m/m contraction was recorded in transportation as fuel prices saw some easing over the month.
- Core CPI continued to climb, surging 4.43pp at +61.69% y/y.
- Turkish inflation has soared over the past eight months and the lira has fallen substantially as politically influenced unconventional monetary policy saw the Turkish Central bank cut rates last year.
- At the July meeting rates were kept unchanged at 14.00% for the seventh consecutive month and are anticipated to remain unchanged into year-end.
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