Turkey | Lower-than-expected July CPI on food

Summary

Consumer prices increased 0.55% (mom) in July below our estimate and market consensus (0.9% vs. 1%), leading the annual figure to rise to 15.85% from 15.39% in June. The downside surprise came from the lower food inflation than our expectation, while the worsening in core inflation continued as annual core inflation reached 15.1%.

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