But Next Year, It Will Get Better...

TURKEY - Report 04 May 2015 by Murat Ucer
Today’s inflation print was unfavorable, with CPI inflation coming in at a higher than expected 1.6%, m/m. This has raised the 12-month CPI rate to just under 8% (7.9%, to be precise), further complicating the CBRT’s job and expectation management (Table 1; Graph 1).Food is largely to blame for the worse than expected outcome, as we had hinted in yesterday’s Tracker, with inflation in food and beverages group rising further to a 12-month rate of 14.4%, from 14.1% a month earlier. But inflation in several other sub-categories is not a whole lot better – in fact, in some cases (e.g., transpor...

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