The inflation rate for the month of July reached its highest level in recent months

According to the data released by the Turkish Statistical Institute (TÜİK), in July, the monthly inflation reached its highest level since January 2022 due to adjustments in wages and taxes, along with the increase in fuel prices.

As of July, the downward trend in annual inflation, which had been continuing for eight months, came to an end, and the monthly inflation also reached its highest level in 1.5 years.

According to the data released by the Turkish Statistical Institute (TÜİK), consumer prices in July increased by 9.49 percent compared to the previous month. The annual inflation rate was recorded at 47.83 percent.

In July, the annual core inflation also reached 56.09 percent.

The data also indicated an upward surge in producer prices. In July, producer prices increased by 8.23 percent compared to the previous month. During the same period, the annual producer inflation rate stood at 44.50 percent.

According to the data from the Turkish Statistical Institute (TÜİK), the expenditure group that showed the highest monthly increase in July was the transportation group, with a rate of 17.75 percent. It was followed by the health group with 13.61 percent, and the restaurant and hotel group with 11.92 percent. On the other hand, the main group with the least increase in July compared to the previous month was education, with a rate of 2.67 percent.

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