Turkey’s annual inflation rate closed at 51.97% in August, compared to 61.78% in July, marking three consecutive months of declines and a 13-month low after reaching 75.45% in May, a record for almost two years.
According to data released by the Turkish Statistical Institute (Turkstat) on Tuesday, the moving average of year-on-year inflation stood at 64.91% in the eighth month of the year, up from 56.28% twelve months earlier. Also, in monthly terms, the Turkish CPI rose by 2.47% in August compared to 9.09% in the same month of 2023.
The underlying variable, which excludes unprocessed foods, energy, alcoholic beverages, tobacco and gold from its calculation due to their volatile prices, stood at 2.88% monthly in August and 50.87% year-on-year.
The largest price increases were seen in the education sector, with a rise of 120.81%, ahead of the 101.49% increase in housing and the 67.7% increase in hotels, cafes and restaurants.
The most contained increases were recorded in transport, with 28.96%, clothing and footwear, with 29.38%, and telecommunications, with 42.77%.
