July inflation in Turkiye increases slower than expected to hit 79.6%

Surveys had earlier expected the consumer prices index (CPI) to cross 80 per cent in July. The new inflation figure marks the highest level since 1998.

Inflation is expected to drop with the new economic programme, which prioritises low rates to boost production and exports and aims to achieve a current account surplus, the government said.

Runaway prices are expected to soon start falling and come down to ‘appropriate’ levels by February-March next year, President Recep Tayyip Erdogan has said.

ALCHEMPro News Desk (DS)