Headline Down, Core UP

TURKEY - Report 03 Sep 2013 by Murat Ucer
Today’s consumer price data came in exactly in line with the market consensus, shrinking modestly by 0.1%, on the back of a retreat in food prices, also as expected.The 12-month rate hence dropped to 8.2% from 8.9% a month earlier. The producer price inflation also eased to 6.4% from 6.6% in July, but that was entirely because of the sharp fall in the agriculture sub-component (Table 1; Graphs 1-2). In terms of underlying dynamics, there is little unexpected here, with core inflation (I-index) rising to 6.4%, from 6.1% earlier, mainly continuing to reflect the aftereffects of a weaker lira ...

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