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CPI Surprises To the Upside - Vindicating CBRT Caution

TURKEY
  • TURKEY INFLATION RATE 14.6% Y/Y IN DEC
  • TURKEY CONSUMER PRICES RISE 1.25% M/M IN DEC
  • TURKISH DOMESTIC PRODUCER PRICES RISE 2.36% IN DEC
  • TURKISH PRODUCER INFLATION AT 25.15% IN DEC
  • TURKISH CORE INFLATION ACCELERATED TO 14.31% IN DEC.

Both PPI & CPI come in above expectations - vindicating CBRT's cautions approach (above market 200bp hike) in its last meeting- Inflation is expected to remain sticky in the 12-15% range for the next 4-6 months, but should be aided by renewed CBRT optimism anchoring expectations, lower FX passthrough and a reduced credit impulse

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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