Inflation: Another Cut Now Very Likely

TURKEY - Report 05 Sep 2016 by Murat Ucer

Consumer price inflation surprised somewhat on the downside in August, dropping by 0.3%, thanks to a sharper than expected fall in food prices. The 12-month rate hence declined to 8.0%, from 8.8% in July. Producer prices rose modestly by 0.1% (August 2015: 1.0%), which helped to reduce the 12-month rate to 3.0%, from 4.0% in July, suggesting cost-push pressures remain subdued. Food prices were the main driver of the decline in the 12-month CPI rate, which shaved off 0.4 pp from overall CPI inflation in August, versus a 0.3 pp contribution last August.

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