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CPI & PPI Print Above Expectations, But May Not Move Agbal Just Yet

TURKEY

CPI:

  • TURKEY CORE INFLATION AT 16.21% IN FEB
  • TURKEY FEB. CONSUMER PRICES RISE 0.91% M/M
  • TURKEY FEB. CONSUMER PRICES RISE 15.61% Y/Y
  • FEBRUARY INFLATION 15.61%; EST. 15.4%

PPI:

  • TURKEY FEB. PRODUCER PRICES RISE 27.09% Y/Y
  • TURKEY FEB. PRODUCER PRICES RISE 1.22% M/M
  • both CPI & PPI come in above expectations
  • Still think Agbal will keep his cards close to his chest at this juncture and wait for the real yield differential to erode further, but 16.00% for headline seems like a big threshold to cross
  • CBRT has said it still expects stickiness and for inflation to tick higher in the short-term so this is not outside of expectations
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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