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Disinflation Loses Pace, Opposition May Delay Announcement of Joint Candidate

TURKEY
  • Turkish CPI jumped by +6.65% m/m in January, outpacing expectations with the largest month-on-month rate since April '22. Prices accelerated by 57.68% y/y, also hotter than anticipated, implying a 6.59pp deceleration from December, largely on the back of base effects. The +7.67% m/m and +52.97% y/y core uptick also surprised substantially to the upside. Despite disinflation losing pace, Erdogan said earlier this week that there will be rate cuts in the lead up to the elections. The CBRT meet next on Feb 23.
  • Milliyet report that the Group of Six are potentially delaying the announcement of their joint candidate from Feb 13. “Even if we choose the candidate on February 13, we will not announce it that day. We will announce the nomination later,” leader of the main opposition CHP Kilicdaroglu said.
  • Several western countries that temporarily closed their consular offices in Turkey or issued a terror threat did so on purpose, Foreign Minister Cavusoglu said this morning as cited by Bloomberg. The countries include US, UK, Netherlands, Sweden, Switzerland, Germany, Belgium, France and Italy. The Turkish foreign ministry yesterday summoned the ambassadors of these countries over the closures.
  • President Erdogan will speak in Istanbul today at 1200 GMT/1500 local time.

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