Turkey’s official annual inflation rate drops to 61.78 pct in July, lowest in 9 months

Duvar English

Turkey's annual consumer price index decreased to a nine-month low of 61.78 percent in July, according to official data released by the Turkish Statistical Institute (TUİK) on Aug. 5.

Inflation stood at 3.23 percent compared to the previous month, 28.76 percent compared to December 2023, and 65.93 percent according to the twelve-month averages.

The main group with the lowest annual increase was clothing and footwear with 39.57 percent. On the other hand, the main group with the highest increase compared to the same month of the previous year was education with 104.50 percent.

By main expenditure groups, the main group that decreased in July compared to the previous month was clothing and footwear with -2.58 percent. On the other hand, the highest monthly increase was observed in housing with 8.08 percent.

Independent researchers put annual inflation at 100.9 pct

According to the Inflation Research Group (ENAG), an independent group of academics and economists, the Consumer Price Index (E-CPI) increased by 5.91 percent in July. The annual inflation was calculated as 100.88 percent.

Whereas the highest increase in July was in the housing category, the lowest increase was seen in the health expenditures.

The Istanbul Chamber of Commerce (İTO) has also reported that prices in the megacity rose by 4.21 percent in July compared to the previous month, with the annual inflation rate standing at 72.8 percent.

Şimşek says gov’t program yields results

Sharing his assessment on X, Treasury and Finance Minister Mehmet Şimşek stated that monthly inflation increased in July due to temporary effects while annual inflation has decreased by 9.8 points since June.

"Our program, primarily aimed at disinflation, continues to yield positive results in all areas. In the upcoming period, the decrease in inflation will be felt more significantly. By ensuring price stability, we will permanently increase the welfare of our citizens," he noted.

According the economic administration's forecasts, the year-end annual inflation would be 38 percent.

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