Uptick likely transitory, but road ahead remains very challenging

TURKEY - Report 05 Aug 2024 by Murat Ucer

Consumer prices rose by 3.2% in July, m/m, broadly in line with expectations, with the 12-month rate dropping sharply by about 10 pps, as expected, to 61.8% from 71.6% in June, thanks to base effects. Producer prices rose by 1.9%, with the 12-month PPI-inflation also falling visibly to 41.4% from 50.1% a month earlier, which, incidentally, has been running below CPI inflation for over a year now.

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