Turkey’s Annual Inflation Drops by Nearly 10% to 61.78% in July

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2 months ago

Turkey’s Annual Inflation Drops by Nearly 10% to 61.78% in July

Turkiye experienced a significant decline in annual inflation in July, dropping by almost 10% to 61.78% compared to June, according to Turkstat. This improvement marks the first inflation slowdown in the country for the year, with the last drop occurring in June 2023. Turkish Finance Minister Mehmet Simsek attributed the price growth in July to external factors but expressed optimism for future months. The Turkish Central Bank kept the key rate stable at 50% in late July, anticipating a rise in inflation due to adjustments in prices and taxes. Turkiye has been combatting high inflation levels for several years, aiming to achieve price stability and single-digit inflation by 2026.

ISTANBUL (Sputnik) – Annual inflation in Turkiye sharply decreased by almost 10% in July to 61.78% compared to 71.60% in June, according to the Turkish Statistical Institute (Turkstat).

This marks the first inflation slowdown in Turkiye this year, following an increase to 75.45% in May.

“A change in general index was realized in CPI on the previous month by 3.23% in July 2024,” Turkstat stated.

Turkish Finance Minister Mehmet Simsek remains optimistic about the downward trend in inflation.

“We continue to receive positive results in all areas of our deflation program. The decline in inflation will be felt more in the coming months,” said Simsek.

Despite challenges, Turkiye aims to achieve price stability and single-digit inflation by 2026.

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