Turkey Inflation Turnaround Begins With Bigger Dip Than Forecast [BNN Bloomberg (Canada)]
ING Group, N.V. (ING)
US:NYSE Investor Relations:
ing.com/investor-relations.htm
Company Research
Source: BNN Bloomberg
Data on Wednesday showed headline inflation slipped to 71.6% in June, from 75.5% the previous month. Monthly price growth, the central bank's preferred gauge, came in at 1.6%. The median forecasts of economists surveyed by Bloomberg were for an annual rate of 72.6% and a 2.2% monthly gain. Turkey is starting to turn the page on two years of a severe cost-of-living squeeze caused by one of the world's fastest rates of price growth. Officials are optimistic that the letup will mark the start of rapid disinflation following an aggressive monetary tightening cycle that raised the key interest rate by over 40 percentage points to 50% in less than a year. Still, many economists see inflation ending the year above the central bank's goal of 38%, with a steep price slowdown in July and August driven largely by the statistical effect of a high base from 2023. Investors are closely watching how the deceleration unfolds as they pile into local assets. The trajectory ahead will also dete
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