The inflation rate in Turkey continued to fall in July to its lowest level in almost 4 years, according to the latest data released on Monday by the Turkish Statistical Institute (TÜİK), confirming the disinflationary trend that led the Turkish Central Bank to lower interest rates by 300 basis points just a few days ago.
According to the report presented on Monday by the official Turkish statistical body, inflation in Turkey stood at 33.52% last month, down from 35.05% in June and the lowest CPI figure since November 2021, when inflation stood at 21.31%.
The CPI level in July was also below analysts’ forecasts, who had anticipated that the inflation rate would be around 34.05%. Compared to the previous month – June – prices rose by 2.06%, driven by seasonal factors.
The prices of food and non-alcoholic beverages increased by 27.95% in July compared to the same month of the previous year, after having risen by 30.02% in June; for their part, the price of housing increased by 62.01% in July (65.54% in June). It was precisely housing which, together with education (75.5%) and health (37.49%), led the rise in prices last month, while the lowest increases were in clothing and footwear (10.67%), communications (19.62%) and transport (26.57%).
Moreover, as Turkish Finance Minister Mehmet Şimşek highlighted on his social media profile, for the first time in more than three years, services inflation fell below 50%. “The reduction in inflation will improve predictability, contributing to a further improvement in domestic financial conditions and the investment climate,” the minister said, reiterating that the government’s “main priority” is to “achieve a lasting price stability“.
VOTE
EDITORIAL TEAM
🧿 About us
.
Edited and reviewed by:
Pablo Gómez is a specialist in Turkey and has been editor-in-chief of Hispanatolia since 2011. He has been analysing current affairs and geopolitics in Turkey and the surrounding region since 2006.
…
📣 Your ADVERTISING on Hispanatolia
.
🤗 HELP US WITH A DONATION:
💗 Paypal
