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Turkstat Defends Credibility

TURKEY
  • The head of the Turkish stats agency spoke this morning, talking down speculation surrounding inflation data and the figure’s credibility. Cetinkaya stated that the spread between CPI and PPI is normal, with producers not necessary reflecting their costs directly in consumer-facing prices. He added that energy costs are subsidized very differently for households relative to factories.
  • Housing data out this morning shows home sales slipped 25% Y/Y in October, although sales were higher for the YTD 10-month period to October by 6.7%.
  • President Erdogan has spoken in a press conference from the G20 in Indonesia, flagging that Russia-Ukraine grain deal is likely to continue, and that he will speak with Putin when he has returned to Turkey. On US F-16s, he said that positive developments were forthcoming in conversations with POTUS Biden.

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