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Shoppers Bring Forward Purchases as Inflation Expectations Rise

TURKEY
  • Ekonomi report that concerns of a weaker lira and expectations of a post-election minimum wage hike have stoked inflation expectations, encouraging shoppers to bring forward purchases. They report that shopping mall traffic is 15% higher than a recent peak in 2019 with many brands recently breaking daily sales records.
  • The World Bank will support Turkey with its “Public and Municipal Renewable Energy Project” to scale up renewable energy use in the public sector, according to a statement released today. The $549m project aims to contribute to expanding the distributed renewable energy market in public facilities by directly addressing the lack of budgetary resources to finance capital investments.
  • Talks on a minimum wage hike begun yesterday. No figure was discussed at the first meeting but the expectation is that the minimum wage will be increased to TRY11000 from TRY8506.
  • A cabinet meeting will be held this afternoon. The minimum wage, civil servant salary increase and pensions are likely on the agenda. There are no notable data releases on the docket.
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