Inflation ends 2023 at just under 65%

TURKEY - Report 03 Jan 2024 by Murat Ucer

Consumer price inflation was 2.9%, m/m, in December broadly in line with expectations, with the 12-month CPI inflation hence ending the year at 64.8%, up from 62% in November, which is in line with the CBRT’s latest forecast (mid-point %65) announced in the October Inflation Report.

Monthly Domestic-PPI posted a 1.1% increase in the month, which lifted the 12-month rate to 44.2% from 42.3%, a month ago. Parenthetically, the PPI-CPI inflation gap remained in negative territory, having hovered around 20 pps in recent months (Graph 1; Table 1).

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