Monthly Inflation in Consumer Prices Accelerated in July
In Turkey, consumer prices rose by 1.78 percent monthly in July, while the annual inflation rate was recorded at 31.75 percent.
According to data from the Turkish Statistical Institute, consumer prices increased by 1.78 percent on a monthly basis and 31.75 percent on an annual basis in July. Producer prices rose by 27.83 percent annually.
July Consumer Inflation Data
According to data from the Turkish Statistical Institute, consumer prices increased by 1.78 percent on a monthly basis in July, recording an acceleration compared to the previous month. In June, this rate was at the level of 0.99 percent.
Annual Inflation and Expectations
According to TURKSTAT data, annual inflation was 31.75 percent in July, while annual core inflation rose moderately to 29.91 percent. Expectations were pointing to an annual inflation rate of 31.86 percent.
Groups with the Highest Increases
In July, the highest monthly increase was in the health group with 10.74 percent. The health group was followed by the transportation sector with 2.59 percent.
Annual Change in Main Expenditure Groups
The highest annual increases were seen in the food, transportation, and housing groups. Food and non-alcoholic beverages increased by 37.53 percent, transportation by 30.83 percent, and housing-related expenditures by 40.32 percent.
Developments in the Producer Price Index
Producer prices increased by 1.52 percent compared to the previous month in July, and by 27.83 percent on an annual basis. In June, annual producer inflation was at 28.09 percent.
Central Bank Assessments
The Central Bank of the Republic of Turkey had stated in the summary of the July Monetary Policy Committee meeting that leading indicators pointed to a temporary rise in the main trend of inflation.