Inflation exceeds expectations

The country posted a 17.53% annual hike in consumer prices in June, according to the Turkish Statistical Institute (TurkStat).

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

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 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.

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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