Turkey's Inflation Turnaround Is Arriving After Peak at Over 75% [BNN Bloomberg (Canada)]
ING Group, N.V. (ING)
US:NYSE Investor Relations:
ing.com/investor-relations.htm
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Source: BNN Bloomberg
With domestic demand beginning to sag, data due Wednesday will show annual inflation slipped to 72.6% in June, according to the median forecast in a Bloomberg survey of economists. Monthly price growth, the central bank's preferred gauge, was probably the slowest in over a year at 2.2%. 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. “The deterioration in pricing behavior and the rigidity in services inflation are challenges for the period ahead,” said Muhammet Mercan, ING Bank's chief economist for Turkey. “We expect the central bank to maintain a tight stance.” Investors are closely watching how the d
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