May Inflation: Food Down, Core Up...

TURKEY - Report 03 Jun 2015 by Murat Ucer
Consumer price inflation came in at 0.56% in May, broadly in line with expectations, which meant an increase in the 12-month rate to 8.1% from 7.9% a month earlier. Domestic-PPI also rose to 6.5%, from 4.8%, largely reflecting a reversal of favorable cost-push factors (Table 1; Graphs 1-2). Food prices (including beverage) have finally showed a reversal of sorts this month easing to 12.8%, y/y, from 14.4% in April, coming in somewhat below the May averages in recent years (Graph 3), but the fact that core inflation (I index) jumped to 7.5% from 7% a month earlier is quite bad news, reflecti...

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