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Turkey | Inflation surprised on the downside

By , , ,

CPI fell by 1.44% in November, lower than (consensus -0.3% vs. BBVA-Research estimates 0.1%). Annual CPI declined to 21.6% from 25.2% in October. Reversal of discount campaigns, tax incentives and unfavorable base effects could bring a transitory increase in CPI in 1Q19; but given the recent supportive external financial conditions, risks are cumulating on the downside.

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