Year’s First Inflation Report Set to be Announced Today
Turkey’s Inflation Report and Consumer Price Index Announcement
The Turkish Statistical Institute (TUIK) has released the Consumer Price Index (CPI) figures for January, revealing a 6.70 percent change compared to the previous month. In comparison to December of the previous year, the change was also 6.70 percent, and a significant 64.86 percent compared to the same month of the previous year. Additionally, the figures showed a 54.72 percent change compared to the twelve-month averages.
Today, the Central Bank is set to publish the first inflation report of the year, with Fatih Karahan announcing the report at a meeting scheduled for 10.30. Economists are eagerly awaiting the report, as it will offer insights into the monetary policy path ahead. Currently, the year-end inflation expectation stands at 36 percent. Analysts are looking to see if there will be any revision to this expectation in light of the new report.
Economist Tonguç Erbaş weighed in on the upcoming report, stating that he does not anticipate significant deviations from the targets announced in the previous report. He predicted a continuation of the scenario of a peak of 70-75 percent followed by a return from the peak. He suggested that the forthcoming inflation report process would likely see minor changes that align closely with the Central Bank’s previous texts.
Following his appointment, Central Bank of the Republic of Turkey (CBRT) Governor Fatih Karahan expressed determination in the bank’s efforts to combat inflation. He emphasized that the bank is steadfast in its commitment to maintaining monetary tightness until inflation levels align with their target. Karahan also highlighted the bank’s close monitoring of inflation expectations and pricing behavior, emphasizing their dedication to preventing any deterioration in the inflation outlook.
The inflation report and CPI figures are crucial indicators for Turkey’s economic trajectory, and the announcements are closely watched by both domestic and international market analysts. The upcoming reports are expected to provide valuable insights into the country’s inflation trend and the measures being taken to address it.
