June's 71.6% annual inflation rate in Turkey is lower than predicted
According to official data released on Wednesday, Turkey's annual consumer price inflation decreased to 71.60% in June, below forecasts and primarily due to increases in the cost of dining out, housing, and education.
According to the Turkish Statistical Institute, month-over-month consumer price inflation in June was 1.64%, which was also below estimates, as opposed to 3.37% in May. In May, annual inflation was 75.45%.
According to a Reuters survey, experts predicted that June's annual inflation rate will drop to 72.6% from May's level, which was the highest since November 2022. By the end of 2024, a decrease to 42.6% was anticipated.
The report indicated that the domestic producer price index increased by 1.38% month over month in May, for an annual increase of 50.09%.
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