Financial News: Turkey Inflation Eases To 35.05%, Lowest In 43

Turkey Inflation Eases To 35.05%, Lowest In 43 Months

(RTTNews) - Turkey's consumer price inflation eased further in June to the lowest level in just over three-and-a-half years, figures from the Turkish Statistical Institute showed on Thursday.

Consumer price inflation softened to 35.05 percent in June from 35.41 percent in May.

This was the lowest rate since November 2021, when prices had risen 21.31 percent. The rate was forecast to slow to 35.20 percent.

The annual price growth in food and non-alcoholic beverages eased to 30.20 percent from 32.87 percent. Similarly, price growth in housing and utilities moderated to 65.54 from 67.43 percent. Meanwhile, transport inflation rose to 27.72 percent from 24.59 percent.

On a monthly basis, inflation softened to 1.37 percent from 1.53 percent in the previous month.

Another report from the statistical office showed that producer price inflation climbed to 24.45 percent in June from 23.13 percent a month ago.

Prices of mining and quarrying climbed 25.66 percent, and manufacturing reported a 23.79 percent rise. Producer prices of electricity, gas, steam, and air conditioning grew 28.25 percent and surged 61.04 percent for water supply.

Month-on-month, producer prices moved up 2.46 percent after rising 2.48 percent in the prior month.

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