Turkish PPI (Aug MM) 2.57% (Prev. 1.52%)

The sequential pickup therefore matters less for what it says about August than for what it implies about the pipeline into the headline consumer prints that the central bank actually targets. In past cycles of this kind, persistent upstream pressure has complicated easing phases and, on occasion, forced a hawkish rethink from a central bank with a track record of unorthodox policy under political pressure, including episodes of cutting into rising inflation. The distinction worth drawing is whether the monthly rise reflects one-off administered and energy adjustments, which fade, or broad-based domestic cost pressure, which does not. The follow-ons are the CPI release, any accompanying central bank commentary on the pass-through, and the lira itself, which is both a cause and a read-through of the inflation dynamic.