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Inflation Expected To Continue To Accelerate in Q3

TURKEY
  • Companies such as Vodafone Group, Citigroup and Dutch coffee seller JDE Peet’s have already started ‘hyper-inflationary accounting’ which factors in the effects of local currency depreciation. KPMG said switching to this rule applies when the cumulative price rise in the past three years has exceeded 100%. Bloomberg Economics predicts annual inflation will reach a high of 91% in the third quarter and only slow to 69% at the end of 2022.
  • This week, economic data showed that CPI inflation accelerated to 79.6% in July, up from 78.6% the previous month, pushing real yields to new lows, which should continue to weigh on the TRY.
  • The Turkish Defence Ministry has said that three ships loaded with corn have left Ukraine ports on Friday morning, with one more ship set to leave later today.
  • Responding to WORLD, Russian state company Rosatom, the owner of the Akkuyu Nuclear Power Plant project in Turkey, has said that a significant portion of the amount spent on construction will return to Russia, considering their investment to be sufficient. Rosatom Press Service have previously stated that the company plan to obtain a loan of 6.1 billion dollars for the construction of the project.
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