...Staggering this ! And you'd wonder if it is only a matter of...

...Staggering this ! And you'd wonder if it is only a matter of time we would see an emerging market crisis unfolding.

It Could Be Worse... You Could Be Living In Turkey

BY Zero Hedge
FRIDAY, MAY 06, 2022 - 09:00 PM
Remember: just when you think all hope is lost and it can't possibly get any worse... you could be living in Turkey.
Earlier today we learned that headline inflation in the biggest of all basket case countries, the cartoon republic of Turkey, rose from 61.1% Y/Y in March to 70.0% Y/Y in April, the highest print in 20 years, and above consensus expectation of "only" 68% y/y.




Not exactly shocking, but core inflation also increased, from 48.4%Y/Y to 52.4%Y/Y, slightly below the consensus expectation of 53% Y/Y and 52.9% Y/Y, respectively.

While the rise in headline inflation was broad based with all categories registering increases, the degree of the acceleration was disproportionately driven by an outsized contribution from the food category. In contrast to the previous two months, the housing and utilities category had the second largest contribution in April, followed closely by the transport category reflecting the pass-through from the uptrend in global energy prices.

Sequential headline inflation also strengthened (increased 124.6%mom annualized., compared to 100.9%mom annl. in March) but remained lower compared to December and January, as the sharp Lira sell-off in 2021Q4 led to a more front-loaded and faster pass-through to prices in these two months. Nevertheless, the underlying pricing pressures remain highly elevated and inflation expectations continue to climb higher.