Inflation: A Happy Ending to a Bad Year

TURKEY - Report 05 Jan 2015 by Murat Ucer
December CPI inflation came in at a negative 0.4%, which was markedly lower than expected (0.1% increase). The 12-month CPI inflation hence fell quite sharply, ending the year at 8.2%, down from 9.2% in November. Domestic-PPI also fell sharply, ending the year at 6.4%, down from 8.4% (Table 1; Graph 1). Both prints, particularly D-PPI, were helped greatly by softer energy prices, while the surprise element in CPI inflation owed largely to food inflation: the latter was flat in December, which was one of the lowest on record since the start (in 2003) of the index (Graphs 2-3). Meanwhile, cor...

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