Turkey's inflation rate cools despite steep lira plunge
Publishing timestamp: 2023-07-05 04:51:52
Summary
Turkey's consumer price index rose 3.92% month-on-month, lower than expected. The collapse of the lira currency is causing cost pressures and there are concerns about inflation. The appointment of a new treasury and economy minister and central bank governor may help manage the situation, but there is no room for policy error. Inflation expectations remain high due to negative real interest rates and an overheated economy. Minimum wage hikes and possible tax rate changes could contribute to higher inflation in the second half of the year.
Sentiment: MIXED
Tickers: TRY=,
Keywords: us dollar/turkish lira fx spot rate, world economy, recep tayyip erdogan, business news, markets, world markets, breaking news: markets, turkey, currency markets, prices, economic events,
Source: https://www.cnbc.com/2023/07/05/turkeys-inflation-comes-in-lower-than-expected.html