No respite for the CBRT in the July data

TURKEY - Report 03 Aug 2026 by Murat Ucer

Consumer price rose by 1.8%, m/m, in July, broadly in line with expectations, with the 12-month CPI inflation easing slightly to 31.8%, from 32.1% in June. Producer price inflation came in at 1.5%, with the 12-month PPI inflation rate also falling modestly to 27.8%, from 28.1% in the previous month.

In terms of contributions to monthly headline CPI inflation (compared with July 2025), housing sub-category appears to be the main factor behind the moderation in inflation, which contributed 0.3 percentage point to monthly headline inflation in July this year, down from a full percentage point a year earlier. By contrast, food and non-alcoholic beverages added 0.4 percentage point to headline inflation, compared with virtually no contribution in July 2025.

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Other manifestations of this “stuckness” can be gauged from graphs within the report.

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All in all, today’s print should give little respite to the CBRT. The next big CBRT event to watch is the Q3 Inflation Report presentation on August 13.

Now read on...

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