Inflation edges up a bit in October, but probably more to come

TURKEY - Report 03 Nov 2020 by Murat Ucer

Consumer prices rose by 2.1%, m/m, in October, broadly in line with the market consensus (and our forecast as well), taking the 12-month CPI inflation slightly higher to 11.9% from 11.7% in September. Reflecting the adverse impact of lira depreciation, domestic-PPI inflation showed a strong monthly increase in October at around 3.6%, with the 12-month D-PPI inflation hence rising to 18.2% up from 14.3% in the previous month, which, needless to say, attests to heightened cost pressures (Graphs 1-2; Table 1).

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