The Annual inflation in Türkiye eased to 61.78% in July

Official data showed on Monday that the Türkiye consumer price inflation rate eased to 61.78% in July year-on-year, slightly below expectations.

This decline is driven by price increases in the education, housing and hotel sectors.

According to the Turkish Statistical Institute, month-on-month inflation was also lower than expectations in July, at 3.23% compared to 1.64% in June, in which annual inflation rose to 71.60%.

Economists polled by Reuters had expected annual inflation to fall to 62.1% in July and month-on-month inflation to rise to 3.45%.

Annual inflation is expected to fall to 42.2% by the end of this year.

Türkiye’s central bank has raised interest rates by 4,150 basis points since June last year and vowed to further tighten monetary policy if there is a significant deterioration in inflation data.