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Inflation Cools to 55.18%, Opposition to Name Unified Candidate March 6

TURKEY
  • Turkish inflation decelerated to 55.18% y/y (Est. 55.70%), its lowest level in a year, though the pace of disinflation is now slowing down. The monthly figure rose 3.15% (Est. 3.49%) while core inflation rose 50.58% y/y (Est. 51.50%). Sell-side analysts noted prior to the decision that while disinflation is expected in the coming months on base effects, upside inflationary risks remain due to the impact of the earthquakes such as supply disruptions, greater fiscal spending and looser monetary policy.
  • Producer prices rose 76.61% y/y (Prior. 86.46%), 1.56% m/m (Prior. 4.15%). However, national statistics office Turkstat noted that they were unable to collect price data in February from earthquake-affected regions.
  • The leaders of the six opposition parties discussed their joint presidential candidate in a meeting yesterday and agreed to announce the nomination officially to the public on March 6, Hurriyet report. Kemal Kilicdaroglu is often mentioned as the strongest candidate of the alliance. However, the Deputy Chairman of the IYI Party Group said "I think there is no agreement on a name," in a television interview cited by Cumhuriyet. Meral Aksener, the leader of the party, was missing from the group photograph, though party sources say this was due to “a communication accident”.
  • According to Hurriyet, the electoral calendar will be confirmed when President Erdogan submits his decision to renew the election in the Official Gazette on March 10. The Supreme Election Board are then likely to decide that the first round of the elections will be held on 14 May and the second round will on 28 May. The candidate lists will be officially announced on April 10.
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