Macroeconomic Forecast Turkey

It is not just consumer prices that are facing significant inflationary pressures in Turkey. Producer price growth spiked to 14.6% y-o-y in April, a 41-month high, as input prices across every major industrial sector continued to spiral higher. In the month, agricultural prices rose to 18.8% y-o-y while manufacturing prices hit 13.3% y-o-y concurrently. On the back of the latest data, we have revised our end-year forecast for PPI growth to 7.4% y-o-y, with risks to the upside should global energy prices not come down as quickly as we currently anticipate. The revision to our PPI forecast falls in line

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