Food, transportation drive inflation higher

TURKEY - Report 03 Jul 2013 by Murat Ucer
Consumer prices rose by a much higher than expected 0.8% in June, taking the 12-month rate to 8.3%, from 6.5% in May. Producer prices also rose markedly to 5.2%, y/y, from 2.2% in May.Core inflation (I-index) remained high, but unchanged at 5.6%, y/y (Table 1; Graph 1). The sharp increase in CPI inflation is driven almost completely by higher food prices (mainly unprocessed food prices) and transportation prices (Graph 2), the latter owing to automatic pass-through from recent lira weakness.Otherwise, the effect of lira weakness is not yet too evident in the data, probably because of lags a...

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