Turkey’s annual inflation hits nearly 50% in July
The spike marks the end of an eight-month downtrend in annual consumer prices as Turkey grapples with one of its worst cost-of-living crises.
ANKARA — Annual inflation in Turkey hit 47.83% in July, with consumer prices increasing 9.49% from the preceding month, official data released on Thursday showed.
The Turkish Statistical Institute reported that annual inflation jumped by nearly 55% compared to the same period last year. The increase came after consecutive price and tax hikes as the country grapples with one of its worst-ever cost-of-living crises.
Following the release of the data, Mehmet Simsek, Turkey’s new finance and treasury minister, said the increase was in line with market expectations.
“We are in a transition period targeting disinflation and price stability,” Simsek tweeted. “Annual inflation will start to decline as of mid-2024.” He also reiterated his pledge to tighten fiscal and monetary policies.
