Turkey’s inflation slows for first time in eight months, down to 71%
The country’s year-on-year inflation cooled faster than expected in June, official data showed.
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.
Subscribe for unlimited access
All news, events, memos, reports, and analysis, and access all 10 of our newsletters. Learn more
Continue reading this article for free
Access 1 free article per month when you sign up. Learn more.
By signing up, you agree to Al-Monitor’s Terms and Conditions and Privacy Policy. Already have an account? Log in