Turkish inflation rises slower than expected to reach 79.6% in July
BY DAILY SABAH
ISTANBUL AUG 03, 2022 - 10:10 AM GMT+3
People carry bags with goods in a commercial street in Istanbul, Turkey, April 14, 2022. (AP Photo)
Turkey’s annual inflation rose at a slower-than-expected pace in July but still neared 80%, official data showed Wednesday, as global energy and commodity costs continue to weigh on prices.
Consumer prices surged 79.6% last month from a year earlier, the Turkish Statistical Institute (TurkStat) said, compared to 78.6% in June. The new inflation figure marks the highest level since 1998.
Surveys had expected the consumer prices index (CPI) to top 80% in July.
The government has said inflation would fall with the new economic program, which prioritizes low rates to boost production and exports and aims to achieve a current account surplus.
President Recep Tayyip Erdoğan has said he expected runaway prices to soon begin to fall and come down to "appropriate" levels by February-March next year.
Turkish inflation rises slower than expected to reach 79.6% in July
Turkey’s annual inflation rose at a slower-than-expected pace in July but still neared 80%, official data showed Wednesday, as global energy and...
