Inflation rises further, peak talk premature

TURKEY - Report 03 May 2021 by Murat Ucer

Consumer prices rose by 1.7%, m/m, in April, slightly less than the market consensus (1.8%), with the 12-month CPI inflation increasing further by almost a full percentage point to 17.1% from 16.2% in March. Parenthetically, this is the seventh consecutive month of increase in CPI inflation, and its highest level observed since May 2019. Domestic-PPI inflation was high again in April, at 4.3%, m/m, resulting in a further rise in the 12-month rate to a whopping 35.2% -- a 29-month high -- from 31.2% in March, suggesting, obviously, that cost-push pressures remain hugely elevated.

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