After today’s print, CBRT falls further behind

TURKEY - Report 03 Dec 2020 by Murat Ucer

CPI inflation surprised on the upside by a wide margin in November, coming in at 2.3%, m/m, markedly higher than the market consensus of around 1% (and our slightly higher expectation). Twelve-month CPI inflation rose sharply to 14%, as a result, which is the highest level since September 2019, from 11.9% in October. Twelve-month domestic-PPI rose even faster, reflecting cost-push pressures more directly, rising to 23.1%, up from 18.2% in the previous month, which, of course, is bad news for inflation trends down the road (Graph 1; Table 1).

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