Good presentation, let’s hope for the best

TURKEY - Report 08 Feb 2024 by Murat Ucer

The CBRT released the first Inflation Report of the year under the new Governor. The Bank kept its yearend inflation forecasts for both 2024 and 2025 at 36% (midpoint of 30%-42%), and at 14% (midpoint of 7%-21%), respectively, unchanged from the October report, as we surmised earlier. The CBRT forecasts inflation to ease to single-digit levels and fall to 9% by the end of 2026.

There are some upward revisions for yearend 2024 forecast, which are driven by higher unit labor cost (+1.5 pps) and higher food prices (+0.9 pps), increases in TL-dominated import prices (+0.5 pps), and the output gap (+0.4 pps), but these are fully offset by the faster than expected decline in underlying trend inflation – of a cumulative 3.2 pps.

Now read on...

Register to sample a report

Register
Sign-in
Forgot your password?
Copyright 2024 GlobalSource Partners. All rights reserved. This report is prepared for GlobalSource Partners’ clients and may not be redistributed, reproduced, stored in a retrieval system, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalSource Partners. This report is distributed simultaneously to our website and other portals used by GlobalSource Partners. The information herein was obtained from various sources and is believed to be reliable but GlobalSource Partners does not warrant its completeness or accuracy. Neither GlobalSource Partners nor any Country Analyst, officer or employee accepts any liability whatsoever for any direct, indirect or consequential damages or losses rising from any use of this report or its contents.