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CPI Y/Y Remains Close to 70%; S&P May Update Turkey's Sovereign Credit Rating

TURKEY
  • Consumer prices rose 69.8% y/y (Est: +70.10%) in April compared to +68.5% in March, according to the Turkish Statistical Institute Consumer. Prices rose 3.18% month-on-month (Est: +3.40%) versus +3.16% prior. Core prices remain elevated, crossing slightly above estimates at 75.81% y/y (Est: +75.70%; Prior: +75.21%).
  • Turkey said it would halt all trade with Israel until the country allows uninterrupted and sufficient flow of humanitarian aid to Gaza, confirming Bloomberg reports from yesterday afternoon. Turkey decided to expand last month’s restriction on some Turkish exports to Israel due to the “worsening humanitarian tragedy in Palestine,” the Trade Ministry said in a statement. Trade between the countries was worth $6.8 billion in 2023, of which 76% was Turkish exports, according to the Turkish Statistical Institute.
  • S&P may provide an update on Turkey’s sovereign rating in a review after hours today (Current Rating: B; Outlook: Positive). Some analysts are predicting an upgrade, with the shift towards more conventional monetary and financial policies having been acknowledged by ratings agencies in the past. Separately, the CBRT will release a summary of the April MPC meeting this afternoon.
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