Headline better than expected, thanks to softer food inflation

TURKEY - Report 03 Nov 2023 by Murat Ucer

Consumer prices rose by a slower than expected 3.4%, m/m, in October, compared with (including ours) forecasts of around 4%, with our forecast error largely stemming from lower food inflation. Annual CPI-inflation has thus remained broadly unchanged from a month ago, standing at 61.4%, slightly lower than in September’s 61.5% (Graph 1; Table 1).

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