Base effects continue, so does stickiness

TURKEY - Report 03 Apr 2023 by Murat Ucer

Consumer prices rose by a lower than expected 2.3% in March (vs. 2.7-2.8% consensus), with the 12-month rate thus easing further to 50.5%, from 55.2% in February, and a peak of 85.5% in October last year. Domestic producer prices rose very modestly by 0.4%, m/m, in the month, which led to a further sharp drop in the 12-month rate to 62.5% from 76.6% a month earlier. The PPI-CPI inflation gap also dropped as a result, to just under 12 percentage points (pps) from 21.4 pps in February (Graph 1; Table 1).

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