If Only Lira Calmed Down...

TURKEY - Report 03 Nov 2016 by Murat Ucer

Consumer price inflation surprised on the downside again in October, coming in at 1.4%, m/m, lower than the consensus expectation of a 1.7% increase. (Our forecast was slightly higher, at 1.8%). The 12-month CPI-rate hence eased slightly further to 7.2% in October from 7.3% in September, while producer price inflation edged up relatively visibly to 2.8%, y/y, from 1.8%, but remained low nevertheless, suggesting that cost-push pressures are still relatively subdued (Table 1; Graphs 1).

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