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CPI Surges Further, But Means Little for CBRT at This Stage

TURKEY
  • 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). 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.
  • Later today, the finance minister Nebati speaks in a live interview with A Haber, and any commentary on the ongoing surge in prices will be carefully watched.
  • Sabah write that the critical topics for discussion at the upcoming Erdogan – Putin summit includes Turkey’s operations in Syria, Russia’s invasion of Ukraine as well as the Akkuyu nuclear power plant – a topic that’s prompted some TRY strength of late after reports that Russia had transferred significant segments of payments for construction.
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  • 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). 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.
  • Later today, the finance minister Nebati speaks in a live interview with A Haber, and any commentary on the ongoing surge in prices will be carefully watched.
  • Sabah write that the critical topics for discussion at the upcoming Erdogan – Putin summit includes Turkey’s operations in Syria, Russia’s invasion of Ukraine as well as the Akkuyu nuclear power plant – a topic that’s prompted some TRY strength of late after reports that Russia had transferred significant segments of payments for construction.