Inflation eased to 71.6% in June after surpassing 75% in May and after accumulating several consecutive months of increases, according to a new report released by the Turkish Statistical Institute (TÜİK), which seems to confirm what the government had predicted as a start of the expected disinflation process from the second half of the year.
The report presented by TÜİK marks the first fall in several months in inflation in Turkey, with a year-on-year increase of 71.6% in June and with a month-on-month increase in the CPI of only 1.64%, compared to the 3.37% recorded in May; the June price increase figure of 1.64% compared to the previous month is, in fact, below the forecasts made by analysts, who had anticipated it to be at least 2.2%. It is also the lowest monthly inflation figure for the whole of 2024.
“The process of disinflation has begun“, assured the Turkish Minister of Treasury and Finance, Mehmet Şimşek, as soon as the June inflation data were released, recalling that the figures are in line with the executive’s forecasts. “We will ensure a steady increase in welfare by resolutely implementing our programme until we reach price stability,” the minister wrote on the social network X. Şimşek further said the disinflation is a reflection of the successes achieved in financial stability, deficit control, accumulation of foreign exchange reserves, and also because of the recent decision by the Financial Action Task Force (FATF) to remove Turkey from its “grey list” of countries under surveillance for its shortcomings in the fight against money laundering.
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
