Turkey’s annual inflation rate at 17.53% in June

Consumer price index climbed 1.94% on monthly basis, says TurkStat

Turkey posted a 17.53% annual hike in consumer prices in June, the country’s statistical authority said on Monday.

Annual inflation rose 0.94 percentage points last month, up from 16.59% in May, according to the Turkish Statistical Institute (TurkStat).

The highest price increase on a yearly basis was recorded in transportation with 26.29% last month, according to TurkStat data.

It was followed by furnishings and household equipment at 25.69% and food and non-alcoholic beverages at 19.99%.

The lowest annual increase was 2.01% in alcoholic beverages and tobacco, the institute said.

A group of 18 economists projected an average annual rise of 16.97% in consumer prices this June, according to an Anadolu Agency survey on Friday.

On a monthly basis, the consumer price index saw a hike of 1.94% in June.

The economists had forecast monthly inflation for June to average at 1.46%, the survey revealed.

Data showed that furnishings and household equipment with 4.50%, recreation and culture with 4.46% and hotels, cafes and restaurants with 3.82% posted the highest monthly rises in June.

The annual inflation rate in June 2020 was 12.62%.

The Turkish Central Bank’s year-end inflation forecast for this year stands at 12.2%, while the government targets an 8% inflation rate under its new economic program.


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