Better than expected, worse than it should be

TURKEY - Report 03 Nov 2025 by Murat Ucer

Consumer prices increased by a somewhat lower than expected 2.6%, m/m, in October, with the annual CPI inflation rate easing slightly to 32.9%, from 33.3% in September. Producer prices rose by 1.6%, m/m, as 12-month PPI inflation edged up modestly to 27%, from 26.6% a month earlier.

The decline in monthly CPI inflation (compared to the same month of 2024) was chiefly driven by food (and non-alcoholic beverages) and clothing and shoes prices, while transportation prices exerted upward pressure. Monthly food inflation was still elevated at 3.4%, m/m, but annual food inflation nevertheless eased to 34.9% from 36.1% in September, largely reflecting a slowdown in unprocessed food inflation (to 34.7%, y/y, from 37.5% in September). In contrast, annual processed food inflation edged up slightly -- to 34.7%, from 34.3% a month earlier.

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