Inflation falls, but no cause for celebration

TURKEY - Report 04 Aug 2020 by Murat Ucer

Consumer prices rose by a lower than expected 0.58% in July, compared with consensus expectation of 0.8%-0.9%, which reduced the 12-month rate to 11.8%, down from 12.6% in June. Domestic-PPI inflation came in at 1%, m/m, with the 12-month rate increasing further to 8.3%, from 6.2% a month ago, attesting to some extent to a continuation of cost-push pressures.

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