Decent print, but brace for bumps ahead

TURKEY - Report 03 Apr 2025 by Murat Ucer

Consumer prices rose by a less than expected 2.5%, m/m, in March (versus consensus forecasts of around 2.9%) with the annual CPI-inflation rate falling by a full percentage point to 38.1%, from 39.1% in February. Monthly Domestic-PPI inflation posted a 1.9% increase in the month, lowering the 12-month PPI inflation rate to 23.5%, from 25.2% in February. The decline in monthly CPI inflation in March (compared to the same month of 2024) was rather broad-based, with most sub-categories contributing less to overall inflation or remaining at similar levels as in March last year, except for food and tobacco.

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