Inflation continues to fall in Turkey, where the Consumer Price Index (CPI) fell below 33% in August, according to the latest official data released today by the Turkish Statistical Institute (TÜİK), marking a downward trend that has continued for 15 consecutive months.
The report presented just a few hours ago by TÜİK indicates that prices increased by 32.95% in August compared to the same month last year, after having risen by 33.52% in July.
The largest increases in inflation compared to last year were in education (60.91%) and housing (53.27%), while the smallest rise was recorded in clothing and footwear (9.49%). Other significant cost increases occurred in groups such as hotels and restaurants (33.96%) and health (36.59%).
On a monthly basis, the CPI rose by 2.04% on average in August compared to July, according to TÜİK, driven by increases in food costs (3.02%), transport (1.55%) and housing (2.66%).
The continued decline in the CPI for more than a year led the Turkish Central Bank at the end of last July to announce a 300-point cut in its benchmark one-week interest rate, leaving interest rates in Turkey at 43%.
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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.
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