Inflation peaks, where to now?

TURKEY - Report 05 Dec 2022 by Murat Ucer

Consumer prices increased by 2.9%, m/m, in November, broadly in line with forecasts (consensus as well as ours), with the 12-month rate thus easing -- for the first time since May 2021 -- to 84.4%, from 85.5% in October. The PPI inflation recorded its lowest monthly reading in 29 months, rising by 0.74%, with the 12-month rate declining sharply to 136%, from 157.7% in October (Graph 1; Table 1). The gap between 12-month PPI-CPI rates declined as a result, to 51.6 percentage points from 72.2 pps in October, but cost-push pressures nevertheless remain elevated.

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