Annual inflation in Türkiye hits 44-month low, at 33.5% in July

By Gokhan Ergocun

ISTANBUL (AA) - The annual inflation rate in Türkiye was 33.5% in July, down from 35.05% in June, below the market expectation of around 34%.

The July rate is the lowest since November 2021, when it was 21.31%, official figures from the Turkish Statistical Institute (TurkStat) showed on Monday.

The highest price hikes were seen in education with 75.5%, housing 62.01%, and health 37.49% on a yearly basis, according to TurkStat's data.

Lowest rates were posted in clothing and footwear with 10.67% increase, communications 19.62%, and transport 26.57%.

TurkStat said there were three main expenditure groups with the highest weight: food and non-alcoholic beverages with a 27.95% price hike, transportation 26.57% and housing 62.01%.

"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," it added.

The monthly inflation rate was 2.06% in July, up from 1.37% in June.