Inflation in Turkey fell below 52% last August, marking a continued downward trend in prices in the Eurasian country, according to the latest data released by the Turkish Statistical Institute (TÜİK).
The report released today by the official Turkish statistical agency notes that the Consumer Price Index (CPI) rose by 51.97% in August compared to the same month last year: a lower figure compared to 61.78% in July and 71.6% reached in June, continuing a positive trend after reaching 75% in May. In October 2022, prices in Turkey reached their highest increase in decades with inflation reaching 85%.
Compared to the previous month, inflation in Turkey increased by 2.5% in August; the highest price increases were recorded in education (120.8%), housing (101.5%) and hotels and restaurants (67.7%), while the lowest cost increases were in transport (28.96%) and clothing and footwear (29.38%), according to data presented by TÜİK. By the end of 2024, the Turkish Central Bank expects inflation to be below 40%, although most analysts expect it to exceed 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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