Near the interim target already

TURKEY - Report 04 May 2026 by Murat Ucer

Monthly CPI inflation surprised notably to the upside in April, coming in at 4.2%, m/m, compared with the (median) market expectation of around 3.2%, with the 12-month CPI-rate increasing materially by 1.5 pps to 32.4%, from 30.9% in March. Monthly domestic PPI inflation was 3.2% in April, marking the highest monthly increase since April 2024, even though the 12-month PPI rate rose only slightly to 28.6%, from 28.1% in the previous month.

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