A break of sorts in a long journey

TURKEY - Report 05 Oct 2026 by Murat Ucer

CPI inflation was a lower-than-expected 1.8% m/m in September (compared with median expectation of some 2.2%), with annual CPI inflation declining to 29.7% from 31.5% in August, falling below the 30% mark for the first time since December 2021. The surprise seems driven by a sharper than expected drop in 12-month food inflation. Domestic PPI increased by 2.1% m/m in September, as annual producer price inflation also edged down to 27.4% from 27.9% in the previous month.

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