​Inflation rises further, but MPC likely to stay put

TURKEY - Report 03 Mar 2021 by Murat Ucer

Consumer prices rose by 0.9%, m/m, in February, higher than the market consensus of 0.7% with the 12-month CPI inflation thus increasing further to 15.6% in February, from 15% in January. Domestic-PPI inflation was 1.2%, m/m, leading to a further sharp jump in the 12-month rate to 27.1%, from 26.2% in the previous month.

Looking to contributions, the increase in the 12-month CPI inflation seems broad-based, with most sub-categories, other than miscellaneous (which includes gold prices) and entertainment/culture, rising slightly higher or falling less than the same month of previous year. Food and beverage prices appear to have contributed 0.7 pps this February, versus 0.5 pps last February, for instance, while health, housing and transportation categories appear to have driven inflation modestly higher as well.

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