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.