Turkey expects a sharp decrease in annual inflation

Turkish Vice President Cevdet Yilmaz said that annual inflation in the country will decrease much faster in July and August. 

In June, inflation slowed to 71.6% for the first time in a year from 75.45% in May, while monthly price growth was 1.64%, according to the Institute of Statistics of Turkey (TUIK). The last time annual inflation in Turkey slowed down was in June last year, when it amounted to 38.21% against 39.6% in May. After that, inflation accelerated, and in May this year it reached the highest since November 2022 – 75.45%. 

Yilmaz noted that annual inflation decreased by 3.8 points to 71.6%. He expects inflation to decline even faster in July and August, to 60% and 50%, respectively. Turkish President Recep Tayyip Erdogan earlier expressed hope that annual inflation in Turkey will reach below 50% in September.