© Reuters. People shop at a vegetable market in Istanbul on May 4, 2023. Photo: Dilara Çinkaya/Reuters.
ISTANBUL (Reuters) – It rose to 3.92 percent in June, the highest level since January, official data showed on Wednesday, following a sharp decline after President Recep Tayyip Erdogan was re-elected for a new term.
Annual inflation fell to 38.21 percent in June from 39.59 percent the previous month, but price pressures are expected to build again during the summer.
Monthly inflation is still below the average estimated in a Reuters poll, which predicted inflation would reach 4.84 percent month on month. The poll also predicted that annual consumer price inflation would reach 39.47 percent and is expected to end the year at 51.5 percent.
The lira has lost about 30 percent of its value this year and more than 20 percent in June alone.
(Prepared by Salma Najm for the Arabic Bulletin – Edited by Muhammad Al-Yamani)
2023-07-05 12:02:00
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