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.
And I heard a voice in the midst of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not harm the oil and the wine.” Rev. 6:6
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 …
Read More @ Zero Hedge HERE