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Headline inflation

Headline inflation latest publications

January 3, 2020

Turkey | Inflation ended 2019 at 11.8%

Consumer prices increased by 0.74% in December, beating the consensus estimate of 0.4%; led the annual CPI to end 2019 at 11.84%. In absence of shocks, Consumer inflation could stay between 11-12% in 1Q20 before experiencing levels close to 10.5% in 2Q20. We expect inflation to be 8.5% at the end of 2020.

July 25, 2019

Turkey | The easing cycle starts with a bold action

The Central Bank of Turkey (CBRT) reduced the policy rate by 425 bps from 24% to 19.75%. The movement was bolder than expected by market expectation and ours (Consensus 250 bps, BBVA 200 bps). Some risks remains on both economic and geopolitical sides which should be met with a gradual and cautious policy.

June 12, 2019

Turkey | CBRT remains “tight” but closer to “ease”

As expected, the CBRT maintained its policy rate unchanged. Important uncertainties on politics and geopolitics remain to be solved, so today’s decision is a prudent one. We maintain our view that the CBRT will start the gradual easing cycle towards the end of the year, but the expected disinflation could bring it forward.

March 11, 2016

Spain | Headline inflation fell again in February, but core inflation grew

Inflation grew in February, but the general part intensified its fall as a consequence of the lower food and energy prices. Looking forward, we expect the positive trend to continue in the core component, but the downwards pressure in the prices of raw materials promises new falls in headline prices.