Downside surprise on inflation

TURKEY - Report 03 Jul 2024 by Murat Ucer

Consumer prices rose by a less than expected 1.6% in June (vs. 2.2%), with the 12-month rate declining visibly to 71.6% from 75.4% in May, helped, as anticipated, by base effects. Producer prices rose by 1.4% in the month (June 2023: 6.5%), with a much sharper decline in the 12-month PPI rate to 50.1% from 57.7% a month earlier (Graph 1; Table 1).

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