Turkey | Inflation stays at 20.35% as expected

Summary

CPI rose by 1.06% in January parallel to expectations (1%, Market&BBVA Research). Thus, annual inflation stayed at 20.35%. Higher-than-expected minimum wage rise, potential price hike in cigarettes and seasonally higher food prices still play an important role, keeping the likelihood to have the headline above 20% till 2H19. We maintain year-end inflation estimate at 16%.

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