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Inflation Falls Sharply, Still Remains High at 64.3% y/y

TURKEY
  • Turkish inflation decelerated at its steepest pace in more than a quarter century, a slowdown that may be at risk from a public spending splurge planned ahead of elections, Bloomberg report. Consumer prices rose an annual 64.3% in December (Exp. 66.7%), down from 84.4% the previous month.
  • Increases in the cost of food, energy and factory-gate prices all slowed to rates below 100%. That’s signaling “a visible downward trend” that allowed the government to meet targets in its medium-term program, according to Treasury and Finance Minister Nebati.
  • Elsewhere, Ankara Chamber of Industry President Ardic said monetary policy should return to normalisation quickly, and that the contractionary preferences of banks is making it difficult for real sector companies to access credit, Ekonomim report.
  • Data from yesterday showed Turkey’s 2022 trade deficit widened 138% year on year to $110.2b. December exports rose 3.1% y/y to $22.9b, while imports rose 14.6% y/y to $33.3b.

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