Inflation in Turkey Surges in July

Inflation in Turkey has taken an upward turn in July, posing new challenges for the central bank in its efforts to control prices. According to data from Turkstat, the country's statistics office, the consumer price index rose by 47.8% in July compared to the same month last year. This marks a significant acceleration from the 38.2% increase recorded in June.

The surge in inflation brings an end to a period of declining prices in the world's 19th-largest economy. Under the guidance of President Recep Tayyip Erdogan, the central bank has implemented consecutive rate hikes as part of its strategy to combat soaring inflation.

Notably, food prices experienced the sharpest increase in July, rising by 60.7%, as reported by Turkstat. On the other hand, housing costs and clothing & footwear saw a more modest rise. The figures also revealed that core CPI inflation, which excludes the volatile effects of food, energy, alcohol, tobacco, and gold, reached 54.3%.

Clearly, addressing and stabilizing inflation remains a top priority for Turkey's central bank as it grapples with the economic consequences of rising prices.