Food and I: No Room for Complacency

TURKEY - Report 03 Apr 2015 by Murat Ucer
March CPI inflation came in markedly worse than expected (1.2% vs. 0.9%), lifting the 12-month rate slightly to 7.6%, but – once again – that is because of a pretty bad food inflation print.The 12-month PPI inflation edged up a little, albeit from a low base. Core inflation – as measured by the most popular I-Index – dropped quite visibly, which is good news and likely to be drummed up by the CBRT in Monday’s technical note (Table 1; Graphs 1-2). But today’s print should provide little comfort on the whole for several reasons. First, cumulative headline CPI-inflation to date is already 3%, ...

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