The year-on-year rate of inflation in Turkey continued to fall in June – and has now done so for 13 consecutive months– and fell to just above 35%, according to the latest data released today by the Turkish Statistical Institute (TÜİK), confirming the good data on price behaviour in Turkey despite the Turkish Central Bank’s decision just a few days ago to keep interest rates at 46%.
The report presented in the last hours by TÜİK points out that the Consumer Price Index (CPI) stood at 35.05% in June compared to the same month last year, after having reached 35.41% in May. The increase in inflation in June from the previous month was 1.37%, according to the statistics agency, again down from the month-on-month inflation rate recorded in May, which was 1.53%.
The highest increase in the cost of living in June compared to a year ago was seen in education (73.33%), followed by housing (65.54%) and health (38.7%); on the opposite side, the lowest price rises were experienced by clothing and footwear (14.47%), communications (18.43%) and recreation and culture (27.53%). Compared with the previous month, education (4.48%) again led the rise in prices, followed by housing (2.62%) and transport (2.38%).
These results show a 13 consecutive month decline in prices in Turkey and confirm the disinflation process, with CPI at its lowest level since late 2021, which could lead the Turkish Central Bank to implement further rate cuts on 24 July, when the next meeting of its Monetary Policy Committee is scheduled.
Referring to the latest inflation data, Turkish Treasury and Finance Minister Mehmet Şimşek highlighted the good price performance in June despite geopolitical tensions prompted by Israel, US conflict with Iran, which led to a rise in oil prices . “Our citizens can be reassured: a significant decline in inflation has started in several sectors, from food and consumer goods to education and transport, and this trend will continue,” Şimşek said.
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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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