The results of Turkish central bank’s survey of expectations released which showed that participants were expecting to see monthly reading of 0.65% in May inflation. Having said that, the year-end CPI growth is now projected at 7.80%, 11 basis points lower when compared to the linked month. 12-month and 24-month expectations almost remained unchanged at 7.81% and 7.14%, respectively.

Considering the fact that a monthly inflation of 0.55% was reported in May 2015, the survey signaled the...