Core Encourages, Questions Remain

TURKEY - Report 03 Mar 2015 by Murat Ucer
February CPI inflation came in at 0.7%, broadly in line with expectations, which raised the 12-month rate to 7.5%, up from 7.2% in January, because of – once again – a sharp increase in food prices. Producer price inflation continues to fare low, thanks to favorable base effects as well as the sharp decline in energy prices (Table 1; Graphs 1-2). The good news in today’s print pertains to core inflation (I-index), which has dropped visibly to 7.7%, from 8.6% a month earlier in year-on-year terms. Even though a good part of this drop is base-effect driven (related to last year’s lira weaknes...

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