Inflation back to a monthly pace of circ. 3%

TURKEY - Report 03 May 2024 by Murat Ucer

Consumer prices increased by 3.2%, m/m, in April, somewhat lower than consensus, with the 12-month rate rising further to 69.8% from 68.5% in March. Domestic-PPI inflation posted 3.6%, which drove the 12-month rate to 55.7% from 51.5% a month earlier, as the PPI-CPI inflation gap, though remains elevated, narrowed further (Graph 1; Table 1).

In terms of contributions, the increase in 12-month CPI inflation was driven mainly by three sub-categories, namely housing, tobacco and houseware, while food prices were relatively well-behaved in April (Graph 2). The latter was 2.8% in the month, with 12-month food inflation thus easing to 68.5% -- a 5-month low -- from 70.4% a month ago, led by softer unprocessed food inflation (Graph 3).

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