Turkey Inflation Eases To 33.52%, Lowest In 44 Months

Turkey's consumer price inflation eased further in July to the lowest level in more than three-and-a-half years, figures from the Turkish Statistical Institute showed on Monday.

Consumer price inflation softened to 33.52 percent in July from 35.05 percent in June.

This was the lowest rate since November 2021, when prices had risen 21.31 percent. The rate was forecast to slow to 34.05 percent.

The annual price growth in food and non-alcoholic beverages eased to 27.95 percent from 30.20 percent. Similarly, price growth in housing and utilities moderated to 62.01 from 65.54 percent. Data showed that transport inflation eased to 26.57 percent from 27.72 percent.

On a monthly basis, inflation rose to 2.06 percent from 1.37 percent in the previous month.

Another report from the statistical office showed that producer price inflation eased slightly to 24.19 percent in July from 24.45 percent a month ago.

Prices of mining and quarrying climbed 28.30 percent, and manufacturing reported a 24.02 percent rise. Producer prices of electricity, gas, steam, and air conditioning grew 22.10 percent and surged 55.74 percent for water supply.

Month-on-month, producer prices moved up 1.73 percent after rising 2.46 percent in the prior month.

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