There is no free lunch, Q.E.D.

TURKEY - Report 03 Jan 2018 by Murat Ucer

Consumer prices rose by a higher-than-expected 0.7% in December, but thanks to base effects (e.g., food), the 12-month rate has eased to 11.9%, from 13% in November. Likewise, producer prices eased to 15.5% in December from 17.3% in November but needless to say, headline inflation remains highly elevated, attesting to not just cost-push pressures, but to a fair amount of pricing power, thanks to the lagged effects of strong demand (Table 1; Graphs 1-2). It is worth adding that CPI-inflation has thus finished the year with a record miss on the 5% target, and at over two percentage points above the latest MTP estimate (Graph 3).

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