TURKEY: CBRT Leave Guidance Unchanged, Flag Improvement in Underlying Inflation
Dec-11 11:04
No change to guidance: "The tight monetary policy stance, which will be maintained until price stability is achieved"
- "The Committee will determine the policy rate by taking into account realized and expected inflation and its underlying trend in a way to ensure the tightness required by the projected disinflation path in line with the interim targets."
- "The step size is reviewed prudently on a meeting-by-meeting basis with a focus on the inflation outlook. Monetary policy stance will be tightened in case of a significant deviation in inflation outlook from the interim targets."
The CBRT note that "consumer inflation was lower than expected due to a downward surprise in food prices" and that "the underlying trend of inflation declined slightly in October and November".
- At the same time, while showing signs of improvement, "inflation expectations and pricing behavior continue to pose risks to the disinflation process."
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