CPI Jumps Back Up on Food Prices

TURKEY - Report 04 Jul 2016 by Murat Ucer

Consumer price inflation surprised on the upside this time, coming in at 0.5%, above expectations of a broadly flat reading, which led to a significant jump in the 12-month rate to 7.6% from 6.6%. The full one percentage point increase in the 12-month rate was driven almost entirely by food inflation, which rose at a monthly rate of 1.2%, versus a sharp drop of 2.8% in the same month of last year. Meanwhile, producer prices also edged up modestly in June, albeit from a very low base, suggesting that cost-push inflation pressures remain relatively benign.

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