CPI Sharply Jumps on Food, Tobacco

TURKEY - Report 03 Aug 2016 by Murat Ucer

​Consumer price inflation surprised sharply on the upside in July, coming in at 1.2%, raising the 12-month rate markedly higher to 8.8% from 7.6% in June. Some one percentage point (pp) of the total 1.2 pp increase in the 12-month rate was driven by food and tobacco sub-categories, which contributed at 0.7 pp and 0.3 pp to headline inflation, respectively, compared with very modest changes in the same month of previous year. Meanwhile, producer prices also edged up in July, to 4%, y/y, from 3.4% in June, but producer price inflation remains relatively benign, suggesting that cost-push pressures are not the main problem (Table 1; Graphs 1-2).

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