Turkey’s y-o-y inflation growth slows to 6-month low

The White Palace is now officially open. (Photo : Nathan Morley )

Turkey’s consumer price index (CPI), a main gauge of inflation, rose 9.79 percent in July year on year, the lowest growth rate in last six months, the Turkish Statistical Institute announced Thursday.

The rate registered a decline from June’s reading at a year-on-year growth by 10.9 percent. On a monthly basis, however, the CPI increased by 0.15 percent, according to the official data.

Transporation saw the highest year-on-year growth at 15.24 percent, followed by food and non-alcoholic beverages at 14.14, health at 11.89, recreation and culture at 11.22, and hotels and restaurants category at 10.84.

Earlier this week, state-run Anadolu Agency made survey of 22 economists, forecasting the year-end inflation rate will be 9.66 percent

Because of sharp currency devolution and structure problem, Turkey’s economy has seen serious inflation stress since 2016. Turkish Central Bank forecasts the year-end inflation rate would be 8.7 percent.

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