Annual inflation hits 18.95%

The country registered an annual hike of 18.95% in consumer prices in July, according to the Turkish Statistical Institute (TurkStat).

The annual inflation climbed 1.42 percentage points from 17.53% a month ago, TurkStat said.

The figure was 11.76% in July 2020.

The highest annual rise was seen in food and non-alcoholic beverages with 24.92%, transportation with 24.62%, and furnishings and household equipment with 22.70% last month.

Last Thursday, Turkey’s Central Bank raised its year-end inflation forecast to 14.1% for 2021, up from 12.2% in its previous report.

On a monthly basis, the consumer price index climbed 1.80% in July.

The median of estimates for July by economists was a 1.62% rise compared to the previous month.

TurkStat data showed that the highest monthly rise was 5.07% in housing while the lowest rise was observed in alcoholic beverages and tobacco with 0.02%.

Among the main expenditure groups, the highest monthly decrease was in clothing and footwear with 2.13%, it added.

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