Skip to main content

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.
Turkey inflation

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. 

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.


Only $100 per year.