{"id":622305,"date":"2024-06-04T00:00:00","date_gmt":"2024-06-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/04\/turkeys-inflation-hits-75-5-in-what-is-believed-to-be-the-peak-before-a-slowdown\/"},"modified":"2024-06-04T00:00:00","modified_gmt":"2024-06-04T00:00:00","slug":"turkeys-inflation-hits-75-5-in-what-is-believed-to-be-the-peak-before-a-slowdown","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/04\/turkeys-inflation-hits-75-5-in-what-is-believed-to-be-the-peak-before-a-slowdown\/","title":{"rendered":"Turkey\u2019s inflation hits 75.5% in what is believed to be the peak before a slowdown"},"content":{"rendered":"

\u201cThe worst is over\u201d for Turkey\u2019s inflation:<\/strong> Turkey\u2019s annual consumer price inflation rose to 75.5% in May \u2014 according to the Turkish Statistical Institute<\/a> \u2014 in what economists expect to be the peak of a years-long cost-of-living crisis before prices start to cool. \u201cThe worst is over,\u201d Finance Minister Mehmet Simsek said on X<\/a>. \u201cThe transition period in the fight against inflation is complete and we are entering the disinflation process,\u201d he added.<\/p>\n

In detail:<\/strong> Headline inflation in May \u2014 which was up by 5.7 percentage points from a month<\/a>earlier<\/a> \u2014 was driven primarily by steep annual price rises in education, housing, and restaurants. Monthly inflation climbed to 3.4% in May, up from 3.2% in April.<\/p>\n

Despite the jubilant tone, inflation still came in higher than expected: <\/strong>A Reuters poll<\/a> saw annual inflation peaking at 74.8% in May and monthly inflation registering 2.7-3.3%. <\/p>\n

So where is inflation headed from here? <\/strong>Annual inflation will likely drop below 50% by the end of 3Q 2024, hit 33.2% in 12 months, and 21.3% in 24 months, Simsek said. Analysts polled by Reuters expect annual inflation to drop to 42.6% by the end of 2024. <\/p>\n

MARKETS THIS MORNING- <\/p>\n

Most Asian markets have started the day in the red, with only Hong Kong\u2019s Hang Seng bucking the trend. <\/strong>There\u2019s no clear trigger for the dip, which sees the Nikkei leading decliners at dispatch time this morning (-0.7%). Futures for major European benchmarks dipped overnight, while Nasdaq, Dow, and S&P 500 futures were largely unchanged. <\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

26,834<\/p>\n<\/td>\n

\n

-0.1% (YTD: +7.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 47.07<\/p>\n<\/td>\n

\n

Sell 47.21<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB)<\/strong><\/p>\n<\/td>\n

\n

Buy 47.1<\/p>\n<\/td>\n

\n

Sell 47.2<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

11,808<\/p>\n<\/td>\n

\n

+1.6% (YTD: -1.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

8,918<\/p>\n<\/td>\n

\n

+0.6% (YTD: -6.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM <\/strong><\/p>\n<\/td>\n

\n

3,993<\/p>\n<\/td>\n

\n

+0.4% (YTD: -1.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,283<\/p>\n<\/td>\n

\n

+0.1% (YTD: +10.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8,263<\/p>\n<\/td>\n

\n

-0.2% (YTD: +6.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

5,004<\/p>\n<\/td>\n

\n

+0.4% (YTD: +10.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 78.36<\/p>\n<\/td>\n

\n

-3.4%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex) <\/strong><\/p>\n<\/td>\n

\n

USD 2.77<\/p>\n<\/td>\n

\n

+0.4%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,371<\/p>\n<\/td>\n

\n

+0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 69,090<\/p>\n<\/td>\n

\n

+1.9% (YTD: +63.0%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/p>\n

The EGX30 fell 0.1% at yesterday\u2019s close<\/strong> on turnover of EGP 3.2 bn (34.1% below the 90-day average). Local investors were net buyers. The index is up 7.8% YTD.<\/p>\n

In the green: <\/strong>Qalaa Holdings (+10.7%), Ibn Sina Pharma (+5.8%), and Orascom Development Egypt (+5.4%).<\/p>\n

In the red: <\/strong>Mopco (-3.5%), AMOC (-2.8%), and Beltone Holding (-2.7%). <\/p>\n","protected":false},"excerpt":{"rendered":"

The Turkish central bank has raised interest rates 41.5% since June 2023<\/p>\n","protected":false},"author":1,"featured_media":622306,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[72,182,122,218],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-622305","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-inflation","tag-planet-finance","tag-turkey","wpautop","entry"],"acf":{"mongo_id":"4d1aba7f-2cde-433b-b28e-67605ae9f56a","order":"11","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/255.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Turkey\u2019s inflation hits 75.5% in what is believed to be the peak before a slowdown","related_issue":[622286],"teaser":"The Turkish central bank has raised interest rates 41.5% since June 2023","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.587c6314-316d-4f73-8dce-79ca12c70ccc.mp3"},"yoast_head":"\nTurkey\u2019s inflation hits 75.5% in what is believed to be the peak before a slowdown - 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