Turkey | High core prices pose additional risks

Summary

Consumer prices increased 1.87% (mom) in April, even higher than our above consensus estimate (1.7% vs. 1.5%).Annual consumer inflation jumped to 10.85% from 10.23% with a more rapid pick-up in core prices than our expectation. We maintain our year-end inflation estimate at 10.5%, though exchange rate volatility and loose policies could pose upside risks.

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