Inflation In, Easing Out

TURKEY - Report 03 Apr 2014 by Murat Ucer
March CPI inflation came in at a higher than expected 1.1%, which meant an increase in the 12-month rate to 8.4% from about 8% a month earlier, as PPI inflation also remained rather elevated (Table 1; Graph 1). This time, food prices are not to blame, with the negative surprise coming from core inflation (I-index, that excludes food, drinks, tobacco, energy and gold). The latter rose to a whopping 9.3% in March, from 8.4% a month earlier – a level we did not think it would reach. While this sharp increase can be attributed to the lagged effects of a sharply weaker lira, pricing behavior mig...

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