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Financial News: Turkey Inflation Eases To 71.6% In June

Turkey Inflation Eases To 71.6% In June

07/03/2024 - 09:00:00 (RTTNews)

(RTTNews) - Turkey's consumer price inflation eased for the first time in seven months in June, though it remained high, figures from the Turkish Statistical Institute showed on Wednesday.

The consumer price index rose 71.60 percent year-over-year in June, slower than May's 18-month high of 75.45 percent.

Among categories, there was a 107.11 percent jump in education costs, and housing costs grew sharply by 94.72 percent.

Prices for food and non-alcoholic beverages alone surged 68.08 percent, and health costs rose 78.51 percent from last year.

On a monthly basis, consumer prices increased 1.64 percent in June, after a 3.37 percent gain in May.

"We think that inflation may be close to upper band of the CBT's forecast range at 42 percent by the end of 2024, assuming currency stability and no exogenous shocks," Muhammet Mercam, chief economists at ING, said.

Separate data from the statistical office showed that producer price inflation eased to a 4-month low of 50.09 percent in June from 57.68 percent in the prior month. Monthly, producer prices moved up 1.38 percent versus a 1.96 percent gain in May.

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