Inflation Report 2026 Q3
Inflation Report 2026 Q3
Non-perishable pre-buy strategy · Dec-26 order ahead of the 2027 supplier reset

Stock up before January, or pay the carry for nothing?

The workbook flags 34 of 41 non-perishables to buy ahead in December. A replay of last winter's prices says the evidence is thinner. This page sets out both, so the call rests on facts.

Requested by ThomasOwner: Ebru (Purchasing), to confirmWorkbook v1.0 · updated 22 Oct 2026Model check: OK
34/41items clear the 3% net-saving hurdle in the workbook model
16.6%average net saving per unit, simple average across 41 items
4.8%price rise needed just to break even at 3 months of cover
8/21items that would have cleared the hurdle in a Dec-25 replayAdded cross-check
0/41monthly volumes entered, so no TRY total can be sized yet
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01 · The answer

The model is bullish. The evidence is narrower.

Lead with the objections: a pre-buy only pays when a supplier raises prices soon after December and by more than the cost of holding the stock. Then weigh the case for.

Case against

Four reasons not to stock up on the model's say-so

  • 1
    Carrying is expensive.
  • 2
    One assumption drives everything.
  • 3
    Last winter did not cooperate.
  • 4
    The TRY impact is unknown. No monthly volumes are entered (0 of 41), so every saving is a per-unit percentage. Cash headroom and storage space are also open.
Case for

What the workbook rests on

  • A
    Steep 2026 drift.
  • B
    Inflation is still running.
  • C
    Cheap structures exist. Price locks, staggered call-offs and supplier-held stock capture most of the saving without the financing cost.
Buy aheadLock priceSkip
Source: PreBuy Summary, section 1 (counts by group).
Added cross-check Confidence: medium

Our reading: where the model and last winter agree

Each pre-buy item is tested a second way: replay the same December purchase against the actual Dec-25 to Mar-26 prices in the workbook. This is a cross-check built from the workbook's own data, not a replacement for its calls.

Limits of the replay: one winter, 21 of 41 items (beverages have no monthly history), and today's carrying rate applied to last year's prices. It tests timing, not direction. Treat disagreement as a reason to ask the supplier, not as a verdict.
02 · Backdrop

Inflation is slowing. Money still costs more than prices rise.

Year-on-year inflation, official vs independent

TurkStat CPI and the ENAG E-CPI use different methods. Both are falling; the gap between them is narrowing.

TurkStat CPIENAG E-CPI
Source: Economic context, rows 7–11. Data updated 8 Oct 2026; ENAG figures via public reproductions of the releases (workbook refs [5]–[8]).

Monthly carry vs monthly price creep

What holding a unit of stock costs each month, against how fast prices drift.

Source: PreBuy Calc E7:E9 (derived drivers), Economic context C12:D12.
03 · What we pay

Averages hide the story. A pre-buy is a bet on individual price paths, so look at the spread first, then at when each item actually moved.

2026 price change by item

Food, opex and energy: Jan-26 to Sep-26. Beverages: Dec-25 to latest. Bars in colour are on the pre-buy list.

Buy aheadLock priceSkipNot on pre-buy list
Source: Inflation FX Food / OppS / Bev Q3 tabs, YTD column. Simple changes in invoiced price per unit.

Price journeys, indexed

Pick up to four items. Index: Jan-24 = 100. The shaded band is the Dec-25 to Jan-26 reset window.

Source: Inflation FX Opp / Food March tabs (Jan-22 to Mar-26) and Q3 tabs (Sep-26). Months without a data point are interpolated by the line only.

Heatmap: annual price change, 2022 to 2026

Each column is January to January. The last column is the eight months to September 2026. Red is a rise, blue a fall.

Source: March and Q3 tabs. Columns are recomputed from the invoiced prices in the workbook.
04 · Mechanics

How one unit of stock earns or loses money

Buy in December at today's price, hold for the months of cover, and compare with buying each month at the new price. The difference, less financing and storage, is the net saving.

Unit economics, step by step

Everything as a share of the December price. Choose an item.

Source: PreBuy Calc columns F–P. Avoided price = Dec-26 price × (1 + expected Jan-27 increase) × creep factor; carry = price × monthly carry rate × average months held.

The break-even bar

How big must the January increase be before holding stock pays? It rises with the months of cover.

Months of cover
4.8%break-even increase
7.7%to clear the 3% hurdle
05 · Verdict

Forty-one items, three calls

Buy ahead when the net saving clears 3% of spend. Lock the price when it is positive but below the hurdle. Skip when it is negative or the cover outlasts the shelf life.

Net saving per unit, by item

After financing and storage. The dashed line is the 3% hurdle.

Buy aheadLock priceSkip
Source: PreBuy Calc column P and V.

Strategy tier vs model call

The qualitative tiers were set first. The model mostly agrees, except where it is more bullish than the tier.

Source: PreBuy Inputs column F vs PreBuy Calc column V. Check C2 lists 3 items to review.

Average net saving by group

Source: PreBuy Summary column J. Simple, not spend-weighted, until volumes are entered.
Open the full item register (41 items, sortable)
Source: PreBuy Inputs and PreBuy Calc. TRY per purchase unit as invoiced. Excludes rebates and promotions (Bev notes 1–4), VAT and ÖTV changes.
06 · Stress test

Where the thesis can break

Three tests, each designed to make the pre-buy case fail. Whatever survives is robust.

Added cross-check Confidence: medium

Test 1 · Replay last winter: when did prices actually move?

Model net savingReplay net saving (Dec-25 buy, actual Jan–Mar prices)3% hurdle
Source: March tabs (Dec-25, Jan, Feb, Mar-26 prices), PreBuy Calc. Replay saving = average of Jan–Mar price ÷ Dec price − 1 − carry over 2 average months held. Highlighted timing cells exceed the 4.8% break-even.
Added cross-check Confidence: high

Test 2 · How much of the 2026 drift must repeat?

Share of each item's 2026 move that suppliers must pass on in Jan-27 for the item to clear the hurdle. The workbook assumes 100%; it suggests flexing 50–120%.

Source: derived from PreBuy Calc drivers at workbook base case. Bars are capped at 150%.
Workbook checks

Test 3 · Is the model sound and complete?

Nine integrity checks pass. Two completeness checks do not, and they matter more than the nine.

Source: Checks sheet.
07 · Scenario lab

Change an assumption. Watch the calls flip.

This is the workbook's model running live in your browser with its own formulas. Every tile is one item. A pulsing tile changed its call versus the workbook base case.

Jan-27 reset as share of 2026 move
Workbook: 100%. Flex range: 50–120%.
TCMB policy rate
Workbook: 37%. Review after the 22 Oct 2026 MPC decision.
Funding spread
Workbook: 3%. Confirm with Finance.
Storage and shrinkage / month
Workbook: 0.5%.
Monthly price creep after reset
Workbook: 1.84% (CPI m/m, Sep-26).
Hurdle: minimum net saving
Workbook: 3% of pre-buy spend.
Months of cover
Buy aheadLock priceSkip
Tiles are in workbook order (opex, food, beverage). Hover for the item. Shelf-life breaches are forced to Skip.

Tripwires at these settings

What if we commit a budget?

With no volumes in the workbook, assume equal TRY spend on each Buy-ahead item. Indicative only.

Pre-buy budget
Illustrative: equal-weighted net saving % of Buy-ahead items × budget. Replace with spend-weighted figures once volumes are in.

Sensitivity curves

How many items stay on Buy ahead as one assumption moves and the others hold at the settings on the left.

08 · Levers and tiers

Capture the saving without carrying the stock

Where the replay and the model disagree, the cheaper answer is usually a commercial one: fix the 2027 price now and take delivery later.

Tier 1 · Buy ahead

3 months of cover

Steep 2026 increases, stable shelf life, easy storage. Place December orders.

Tier 2 · Lock price

Fix the 2027 price

Negotiate a fixed 2027 price with staggered delivery or buy-now, deliver-later. Buy physically only on promotions.

Tier 3 · Skip

Buy as needed

Falling or regulated prices, storage limits and all perishables: meat, seafood, dairy, fresh produce, electricity and gas.

09 · Governance

Assumptions, open items and data quality

Every number above depends on the inputs below. Confidence labels show how much weight each one can bear.

Assumption ledger

Information needed before committing

Data issues to fix before the meeting

The first seven are listed in the workbook. The last two were found while building this page.

10 · Decision

What we need decided, and by whom

A staged commitment: approve the robust core now, gather the facts that decide the rest, and set tripwires that cancel orders automatically.

1

Approve the robust core

2

Get supplier facts before ordering

Purchasing asks every Tier 1 and Tier 2 supplier for the date and size of their next list-price change, and for TRY-fixed quotes on EUR/USD-linked imports. No date, no stock.

3

Fix the money inputs

Finance confirms the hotel's cost of funds after the 22 Oct MPC decision and the Dec-26 cash headroom. Stores confirms dry-store, cellar and chemicals capacity.

Path to the December order

NowUpdate the modelRefresh policy rate after the MPC decision. Enter 2026 monthly volumes for all 41 items.
Before orderingCollect supplier facts2027 price-change dates, payment terms, rebate tiers, TRY-fixed quotes, shelf-life confirmations.
Dec-26Place the ordersTier 1 stock within tripwires. Tier 2 price locks with staggered delivery.
Jan–Mar 27Measure and reviewCompare realised increases with the model, item by item, and reset the assumption for the next cycle.