Turkish annual inflation fell below 11% in April as oil remained cheap and the coronavirus pandemic began to send the economy towards a mid-year slump, while separate data showed manufacturing and trade plunged.
Transportation and recreation gauges - which are sensitive to cheap oil and Turkey's partial lockdown respectively - nudged the year-on-year measure of consumer prices down to 10.94%, the Turkish Statistical Institute said.
Turkey is almost entirely dependent on imports for its energy needs, and the recent energy price slump had already pushed annual inflation down to 11.86% in March after four consecutive months of rises.
Month-on-month inflation was 0.85% in April, compared with a forecast of 0.6% in a Reuters poll, partly owing to higher food and clothing prices.
Reflecting rising risks in Turkish markets, five-year credit default swaps jumped in the past two trading days and stood above 600 basis points.
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