Inflation increases further in September, has yet to peak

TURKEY - Report 03 Oct 2022 by Murat Ucer

Consumer prices rose by a lower than expected 3.1%, m/m, in September, compared with consensus forecasts of 3.6-3.7% (and our forecast of 3.4%), but the 12-month rate nevertheless rose further to 83.5% from 80.2% in August. Parenthetically, this is the sixteenth consecutive month of increase in CPI inflation, which is the highest level observed since mid-1998 (pre-2004 data based on the old series).

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