Forget holistic, let's get simplistic

TURKEY - Report 03 Aug 2023 by Murat Ucer

Consumer prices rose by a near double-digit 9.5% in July over a month ago, “broadly” in line with expectations, with the 12-month rate markedly rising to 47.8% from 38.2% in June, after 8 consecutive months of decline, as myriad factors, most notably currency weakness and tax hikes took their toll on prices. Monthly Domestic-PPI inflation was also elevated at 8.2%, m/m, as the 12-month rate rose to 44.5% from 40.4% a month earlier, with this time CPI-inflation running above PPI-inflation (Graph 1; Table 1).


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