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Gas prices rocket, CBRT tinkers, chip shortages mount

The recent surge in European gas and coal prices adds to the price pressures facing the region and will push headline inflation rates further above central banks' targets in the coming months. Meanwhile, the decision by Turkey's central bank to hike FX reserve requirements this week should help to mitigate the impact of the phasing out of the reserve option mechanism next month. The move also comes against a backdrop of growing expectations that the central bank is on the cusp of an easing cycle. Finally, data this week showed that shortages of semiconductors hit the Czech auto sector hard over the summer and the latest signs suggest that the sector will continue to struggle for a while yet.

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