Turkey Annual Inflation Rate Reaches Nearly 24-Year High

By Nihad Ahmed

 
Turkey’s annual inflation rate accelerated again in July, marking its highest print since September 1998, the country’s statistics office Turkstat said Wednesday.
 
The consumer price index rose 79.6% in July compared with the same month of 2021. The annual inflation rate in June was 78.62%. A FactSet poll showed economists had expected the annual inflation rate to reach 79.8% in July.
      

       
Transportation registered the biggest on-year increase, followed by food and non-alcoholic beverages and furnishings and household equipment, Turkstat data showed.
 
The shock to commodity markets from the war in Ukraine, energy tariff hikes at the start of 2022, and sharp falls in the lira late last year have led to a steep climb in inflation.
 
Consumer prices were up 2.37% on month in July after rising 4.95% the previous month, the data showed.
 
Write to Nihad Ahmed at [email protected]
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