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CPI Accelerates to Fresh '97 High

TURKEY
MNI (London)

TURKEY OCT CPI +3.54% M/M (FCST +3.6%); SEP +3.08% M/M
TURKEY OCT CPI +85.51% Y/Y (FCST +85.6%); SEP +83.45% Y/Y
TURKEY OCT CORE CPI 70.45
% Y/Y (FCST +72.0%); SEP +68.09% Y/Y

  • Turkish inflation increased by +3.54% m/m and +85.51% y/y in October; a fresh '97 high and largely in line with forecasts.
  • Energy and food prices continue to surge, with transport prices up +117.15% y/y and food up +99.05% y/y.
  • Price pressures are becoming evermore broad-based, with the majority of categories continuing to record above +60% y/y price growth as core CPI ticked up approx. 2.4pp to 70.45% y/y.
  • The weakness of the lira is is driving input inflation higher. USDTRY remains around record highs, albeit seeing little movement on the largely expected CPI print.
  • The CBRT's unorthodox approach to monetary policy continues to willingly look through soaring inflation. The bank delivered a sizeable 150bp cut in October and signalled further easing to follow in November.

Source: TURKSTAT

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