Core Nears Double the Target Rate

TURKEY - Report 05 May 2014 by Murat Ucer
CPI inflation was a higher than expected 1.3% in April (consensus: 0.9%), which took the 12-month rate a full percentage point higher, to 9.4%. Food was a big contributor, with monthly food inflation (including beverages) swinging from a negative 1.3% in April 2013 to an increase of 1.4% in April this year, which is the second highest April increase on record (at par with the increase in April 2003). But aside from food, there are signs of continuing exchange rate pass-through (like in housewares) and a broad-based stickiness in several sub-categories, notably services, like rents, restaura...

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