This Time, It Ain’t Just Food...

TURKEY - Report 03 Sep 2015 by Murat Ucer
Consumer prices rose by a higher than expected 0.4% in August (expectation: 0.1%), which meant an increase in the 12-month rate to 7.1% from 6.8% in July. Twelve-month producer price inflation also rose to 6.2% from 5.6% a month earlier (Table 1; Graph 1). Most noteworthy is the fairly visible jump in core inflation (measured by the popular I-index) to 7.7%, from 7.3% in July (which also remains elevated in month-on-month terms). Finally, we estimate that the 12-month service inflation must have also edged up in August to some 8.7%, from an already high 8.4% a month earlier, with almost all...

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