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Türkiye's annual inflation rate declined to 33.5% in July, down from 35.05% in June and below market expectations of around 34%, according to official data released Monday by the Turkish Statistical Institute (TurkStat).
The July figure represents the lowest inflation rate since November 2021, when it stood at 21.31%. Monthly inflation rose to 2.06% in July from 1.37% in June.
Education recorded the highest annual price increase at 75.5%, followed by housing at 62.01% and health at 37.49%, according to TurkStat data.
The lowest annual increases were registered in:
TurkStat identified three main expenditure groups with the highest weight in the inflation calculation:
"The contributions of these main groups to the annual change were 6.94% for food and non-alcoholic beverages, 4.35% for transportation and 9.03% for housing," TurkStat stated.
The Independent Inflation Research Group (ENAG) reported significantly higher figures for the same period. According to ENAG data, monthly inflation reached 3.75% in July, while annual inflation stood at 65.15%.
ENAG's June figures showed monthly inflation at 3.05% and annual inflation at 68.68%.
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