Inflation Has Peaked, How Nice!

TURKEY - Report 03 Jun 2014 by Murat Ucer
Monthly CPI inflation was 0.4% in May, broadly in line with the consensus (0.5%), with the 12-month rate hence rising further to 9.7%, from 9.4% in April. As the CBRT and markets have long been anticipating on the back of last May’s low base effect, this print probably marks the peak of the 12-month headline rate, which should start decelerating starting in June.This is good news for those looking to make the most out of Turkey’s cyclical story, thanks to global tailwinds (Table 1; Graphs 1-2). But this is all the good news there is in this data.Inflation, core included, is running at unacc...

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