Inflation Concerns Come to the Fore

TURKEY - Report 18 Feb 2014 by Murat Ucer
As expected, the Monetary Policy Committee did not change any of the interest rates today (Graph 1). But the tone of the statement is quite hawkish, in our view, with the very first sentence of the statement devoted to inflation. (“The Committee closely monitors recent deterioration in the inflation outlook and expectations.”) The other highlights are as follows: Inflation will fare above the 5% target a while longer, as a result of tax adjustments, food prices and currency weakness. Until a visible improvement in the inflation outlook is achieved, the tight monetary policy stance will be m...

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