Turkish inflation eases to 71.6 per cent year-over-year in June
Published: 04:07 PM,Jul 04,2024 | EDITED : 08:07 PM,Jul 04,2024
In Istanbul, a pictured spice market with a salesman showcasing various spices, each marked with its distinctive price tag. — Reuters
ISTANBUL: Turkey's consumer price inflation eased for the first time in seven months in June, although it remained high, figures from the Turkish Statistical Institute showed on Wednesday.
The consumer price index rose 71.6 per cent year-over-year in June, slower than May's 18-month high of 75.45 per cent.
Among categories, there was a 107.11 per cent jump in education costs, and housing costs grew sharply by 94.72 per cent.
Prices for food and non-alcoholic beverages alone surged 68.08 per cent, and health costs rose 78.51 per cent from last year.
On a monthly basis, consumer prices increased 1.64 per cent in June, after a 3.37 per cent gain in May.
'We think that inflation may be close to upper band of the CBT's forecast range at 42 per cent by the end of 2024, assuming currency stability and no exogenous shocks,' said Muhammet Mercam, chief economist for Turkey at ING.
Separate data from the statistical office showed that producer price inflation eased to a 4-month low of 50.09 per cent in June from 57.68 per cent in the prior month.
Monthly, producer prices moved up 1.38 per cent versus a 1.96 per cent gain in May. — dpa
The consumer price index rose 71.6 per cent year-over-year in June, slower than May's 18-month high of 75.45 per cent.
Among categories, there was a 107.11 per cent jump in education costs, and housing costs grew sharply by 94.72 per cent.
Prices for food and non-alcoholic beverages alone surged 68.08 per cent, and health costs rose 78.51 per cent from last year.
On a monthly basis, consumer prices increased 1.64 per cent in June, after a 3.37 per cent gain in May.
'We think that inflation may be close to upper band of the CBT's forecast range at 42 per cent by the end of 2024, assuming currency stability and no exogenous shocks,' said Muhammet Mercam, chief economist for Turkey at ING.
Separate data from the statistical office showed that producer price inflation eased to a 4-month low of 50.09 per cent in June from 57.68 per cent in the prior month.
Monthly, producer prices moved up 1.38 per cent versus a 1.96 per cent gain in May. — dpa