site.btaInflation in Turkiye Down to 38.21% in June, Lowest Rate in Last 18 Months

Turkiye’s inflation rate dropped to 38.21% in June, which is its lowest level for the last 18 months, show data of the Turkish Statistical Institute as cited by CNN Turk. 

Consumer prices went up by 3.92% in June compared to May 2023, when an annual inflation rate of 39.59% was registered.

The biggest year-on-year increase in prices was reported in the hospitality sector, 67.2%. Prices in healthcare grew by 65.7%. Food and non-alcoholic beverages appreciated by 54%. Alcohol and tobacco products went up by 40%.  

The smallest increase was observed in the prices of clothes and shoes (21%), transport services (20.7%), and real estate (14.7%).

The new leadership of the Central Bank of the Republic of Turkiye said the process of tightening the monetary policy will continue until the inflation drops significantly.

In June, the Central Bank hiked the main interest rate to 15% from 8.5% as part of the measures to fight the economic crisis in the country.