Annual inflation rate at 80 percent

Annual inflation rate at 80 percent

Annual inflation rate at 80 percent

Consumer prices in Türkiye increased by 1.46 percent in August from the previous month, easing from the monthly increases of 2.37 percent in July and 4.95 percent in June, data from the Turkish Statistical Institute (TÜİK) have shown.

Consequently, the annual inflation rate advanced from 79.6 percent in July to 80.2 percent last month.

“Inflation will slow further in the coming months. Data released today for August inflation support this projection,” Treasury and Finance Minister Nureddin Nebati commented.

The world’s largest economies are struggling with inflation and recession fears, resorting to monetary tightening policies to bring inflation under control, the minister said. “We continue to fight inflation without stopping investment and production. We use policies to support investment and production,” Nebati added.

“We will rid the country of inflation,” he said.

Food and non-alcoholic beverages prices rose by 0.85 percent month-on-month for an annual increase of 90.25 percent, while transport costs declined by 1.8 percent in August from July but went up 116.9 percent year-on-year, TÜİK data showed.

Housing costs increased 2.1 percent monthly and 72 percent on an annual basis. Clothing prices rose by 1.3 percent last month, for an increase of 38 percent year-on-year.

Restaurant and hotel prices were up 3.3 percent in August from July and rose by 81 percent compared with the same month of 2021.

Health and education prices increased by 7 percent and 6.6 percent last month.

TÜİK also reported that producer prices, which rose by 5.2 percent in July and 6.8 percent in June, increased 2.4 percent in August from the previous month. The annual increase in the domestic producer price index eased from 144.6 percent in July to 143.7 percent.