Another poor inflation print

TURKEY - Report 03 Oct 2025 by Murat Ucer

Consumer prices rose at a much higher than expected 3.2%, m/m, in September (consensus: 2.5%, ours slightly higher) with the 12-month rate rising -- for the first time since May 2024 -- to 33.3% from 33.0% in August. PPI inflation increased by 2.5% m/m, lifting the annual rate to 26.6% from 25.2% in August (Graph 1; Table 1).

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