Turkey's inflation rate down in July

Turkey's inflation rate down in July

ANKARA-Anadolu Agency
Turkeys inflation rate down in July

Consumer prices in Turkey went up 11.76% in July versus the same month last year, the country's statistical authority announced on Aug. 4.

July's annual inflation rate was at 11.76% down from 12.62% in June, Turkish Statistical Institute (TÜİK) data showed.

A group of 15 economists polled by Anadolu Agency on July 29 predicted annual inflation would drop to 12.03% in July.

The economists also predicted a 0.82% monthly increase in the consumer price index, with estimates ranging between 0.3% at the lowest and 1% at the highest.

The government's year-end inflation target is 8.5% for 2020, as laid out last September in its new economic program.

Meanwhile, Turkey's Central Bank last week revised its year-end inflation forecast to 8.9%, up from 7.4%.