On June inflation and a few other things

TURKEY - Report 05 Jul 2023 by Murat Ucer

Consumer prices rose by a somewhat lower than expected 3.9%, m/m, in June, with the 12- rate thus easing to 38.2%, from 39.6% in May, largely owing to – once again -- last year’s elevated base. Producer prices, reflecting a quicker pass-through from TL weakness, rose by a more visible 6.5%, m/m, in the month, though the 12-month rate also eased slightly to 40.4%, from 40.8% in May, with the gap between the two indicators remaining modest (Graph 1).

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