Again better than expected, but still quite sticky

TURKEY - Report 04 Aug 2025 by Murat Ucer

Consumer prices rose by a lower than expected 2.1%, m/m, in July (vs consensus forecasts of around 2.4%), with the 12-month CPI rate declining further to 33.5%, from 35.1% in June. Monthly PPI inflation was 1.7% in the month, which led to a slight easing in the 12-month PPI rate to 24.2%, from 24.5% in June (Graph 1; Table 1).

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