Poor print, but the CBRT may ignore it

TURKEY - Report 03 Jun 2020 by Murat Ucer

Consumer prices rose by 1.36%, m/m, in May (May 2019: 0.95%), which was notably higher than consensus, yet somewhat closer to our forecast. The 12-month CPI rate thus rose visibly to 11.4% from 10.9% in April. Domestic-PPI inflation was better behaved, which came in at 1.5%, m/m, in May (May 2019: 2.7%), with the 12-month rate therefore declining further to 5.5% from 6.7% in the previous month (Graph 1; Table 1).

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