Inflation already above the CBRT's upper band

TURKEY - Report 03 Mar 2022 by Murat Ucer

Consumer prices rose by 4.8%, m/m, in February, significantly higher than the consensus forecast of 3.8% (and our even somewhat more optimistic forecast), with the 12-month CPI inflation increasing further to 54.4%, from 48.7% in January. This is the ninth consecutive month of increase in CPI inflation, and its highest level observed since March 2002, using the old series for the pre-2004 period.

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