March inflation: no major surprise

TURKEY - Report 03 Apr 2024 by Murat Ucer

Consumer prices rose by 3.2%, m/m, in March, somewhat below consensus (likely on the back of somewhat softer food inflation), with the 12-month CPI inflation nevertheless increasing further to 68.5%, from 67.1% in February. Domestic-PPI posted a 3.3% increase, which led to another relatively significant jump in the 12-month rate to 51.5% from 47.3% a month earlier, as the PPI-CPI inflation gap remained in negative territory (Graph 1; Table 1).

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