Inflation exceeds 60% in March

TURKEY - Report 04 Apr 2022 by Murat Ucer

March CPI inflation came in at 5.5%, m/m, broadly line with the consensus, but slightly lower than our forecast. The 12-month CPI inflation thus rose sharply higher to 61.1%, from 54.4% in February, which is the highest level seen since March 2002 (based on the old series for the pre-2004 period). Attesting to continued cost-push pressures, including some recent weakening in the currency, the 12-month PPI inflation also rose sharply to 115% from 105% in the previous month (Graphs 1-2; Table 1).

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