We Better Get Used To It…

TURKEY - Report 03 Feb 2014 by Murat Ucer
January CPI inflation came in at 1.7%, broadly in line with expectations on the back of high food inflation -- much above seasonal averages -- and continued lira weakness. Twelve-month CPI rate now stands at 7.5%, marginally up from 7.4%.The weak lira effect is apparent from the jump in the core inflation rate (I-index), which rose noticeably to 7.6%, up from 7.1% in December.The jump in PPI – the so-called “inflation in store” – is also very significant, at 3.3%, m/m, which has taken the 12-month rate to a double digit 10.7%, up from 7% a month earlier (Table 1; Graphs 1-3). Underlying tre...

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