Better than expected, but bad enough

TURKEY - Report 03 Jun 2022 by Murat Ucer

Consumer prices rose by 3%, m/m, in May, notably lower than the market consensus of around 4.5% (and our even slightly higher forecast), but the 12-month rate nevertheless edged up further to 73.5%, from 70% in April. Monthly Domestic-PPI inflation remained hugely elevated at 8.8%, with the 12-month rate thus rising further to 132.2%, up from 121.8% in April, as the wedge in between rose to almost 60 pps (Graph 1; Table 1).

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