June Inflation: Food To the Rescue

TURKEY - Report 03 Jul 2015 by Murat Ucer
Consumer price inflation dropped by a sharper than expected 0.5% in June (June 2014: 0.3%), thanks to a 2.8%, m/m, drop in food and beverage prices (June 2014: +0.4%). This reduced the 12-month CPI rate more visibly than anticipated to 7.2%, from 8.1% in May. This is pretty much where all the good news ends, however:both the 12-month core (I-index) and service inflation were broadly flat in June at rather elevated 7.5% and little under 9% levels (the latter our estimate), respectively, while producer prices (or the so-called Domestic-PPI) increased, in fact, to 6.7%, from 6.5% in May. Anoth...

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