Macroeconomic Forecast Turkey

Producer price inflation remained elevated in December at 13.3% y-o-y, down only slightly on November's print of 13.7%. We expect the continued knock-on effects of currency weakness in the second half of 2011 to keep producer price inflation high over the coming months, which in turn will feed through to higher prices for households. We continue to forecast end-year consumer price inflation coming in at 7.0% in 2012, down from 10.5% in 2011.

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