Turkish inflation slows to 52% in August from 61.8%

Turkish inflation slows to 52% in August - official data

Istanbul, Turkey — Turkey’s annual inflation rate slowed further in August to 52 percent after reaching 61.8 percent in July, official data showed on Tuesday. The central bank began to raise interest rates last year in an effort to battle soaring prices, after President Recep Tayyip Erdogan dropped his opposition to orthodox monetary policy. Turkey’s

Consumer prices in Turkey were 52 percent higher in August than in the same month last year, the lowest since July 2023. An important commodity group contributed to this.

On Tuesday, official data showed that consumer price inflation in Turkey declined to 51.97% on an annual basis in August, which was slightly below expectations, driven by the impact of the base period and the slowdown in the increase in food prices. According to the Turkish Statistical Institute, inflation on a monthly basis was also below expectations in August at 2.47% compared to 3.23% in July, when inflation on an annual basis was 61.78%. Ec…

Consumer prices in Turkey rose 2.5 percent in August compared to the previous month. This includes an inflation rate of 52 percent.

Turkey's inflation rate fell to its lowest level in more than a year in August.

Turkish Inflation Slows Sharply After Interest Rate Hikes

(Bloomberg) — Turkey’s annual inflation eased sharply in August, as 50% borrowing costs filter through to the economy and dampen demand.