Turkey’s inflation slows for first time in eight months, down to 71%

ANKARA — Turkey's annual consumer inflation cooled for the first time in eight months to 71.6% in June after hitting an 18-month high of 75.45% in May, according to official data released on Monday. Economists said the drop was due to monetary tightening and a favorable base effect.

The year-on-year inflation was driven primarily by rising prices in education, housing and restaurants, data released by the Turkish Statistical Institute showed.

Month-on-month inflation also slowed to 1.64%, down from May’s figure of 3.37% with housing, education and restaurant prices as the main drivers. 

Turkish Finance Minister Mehmet Simsek welcomed the drop. “Disinflation process has begun,” he wrote on social media platform X.