Turkey's annual inflation rate at 18.95% in July

By Tuba Sahin

ANKARA (AA) – Turkey registered an annual hike of 18.95% in consumer prices in July, the country's statistical authority announced on Tuesday.

The annual inflation climbed 1.42 percentage points from 17.53% a month ago, the Turkish Statistical Institute (TurkStat) said.

The figure was 11.76% in July 2020.

The highest annual rise was seen in food and non-alcoholic beverages with 24.92%, transportation with 24.62%, and furnishings and household equipment with 22.70% last month.

Last week, an Anadolu Agency survey showed that a group of 17 economists projected an average annual climb of 18.74% in consumer prices in the month.

Last Thursday, Turkey's Central Bank raised its year-end inflation forecast to 14.1% for 2021, up from 12.2% in its previous report.

On a monthly basis, the consumer price index climbed by 1.80% in July.