site.btaInflation in Turkiye Spikes to 47.8% in July Y/Y

Year-on-year inflation in Turkiye reached 47.8% in July, the Turkish National Statistical Institute said, as reported by CNN-Turk.

A price hike of 9.49% was also registered in July compared to June.

The highest year-on-year increase in inflation was recorded in the hotel and restaurant sector - by 82.62%.

In June, the annual inflation rate was 38.21% - the lowest in the last year and a half, Turkish media recalled.

The new leadership of the Central Bank of Turkiye has announced that its main task will be to lower inflation. In June, the Central Bank announced an increase in the base interest rate from 8.5% to 15% as part of measures to combat the crisis in the country's economy and tighten monetary policy