Inflation Report Highlights

TURKEY - Report 30 Jul 2013 by Murat Ucer
The big change today was the upward revision of the end-2013 inflation forecast to 6.2% (from 5.3% previously), mainly on account of higher oil prices and weaker lira assumptions. The revision is slightly more than our expectation, but still lower than where we think inflation will end up by the end of this year, which is currently in the 7%-7.5% range. CPI-inflation is faring higher than anticipated so far, but that is almost entirely because of unprocessed food prices, which the Bank feels is temporary. Inflation is expected to hit 9% in July, but then start coming down gradually to some ...

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