A not so auspicious start into 2025

TURKEY - Report 03 Feb 2025 by Murat Ucer

Consumer prices rose by 5%, m/m, in January, significantly above the consensus forecast of about 4.3%. But thanks to a strong base effect from last January, the 12-month rate nevertheless fell further to 42.1%, from 44.4% in December. Monthly domestic PPI inflation was also relatively elevated, posting a 3.1% increase, but the 12-month rate also eased to 27.2%, from 28.5% a month earlier (Graph 1; Table 1).

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