Turkey's Annual Inflation Slows to 35% in June, Beating Expectations
Turkey's annual inflation was at 35.05 percent in June, down from 35.41 percent in May, below market estimates, official figures from the Turkish Statistical Institute (TurkStat) showed Thursday.
The markets had expected annual inflation for last month to come in at 35.2 percent.
The figure marked the lowest increase in consumer prices in Turkey since December 2021, when it was 36.08 percent.
The highest price rises in June on a yearly basis were seen in education with 73.33 percent, housing 65.54 percent, and health care 38.7 percent, according to TurkStat data.
On the other hand, the lowest price hikes were in clothing and footwear with 14.47 percent, communications with 18.43 percent, and recreation and culture with 27.53 percent.
TurkStat said there were three main expenditure groups with the highest weight: food and non-alcoholic beverages with annual inflation of 30.2 percent, along with transportation with 27.72 percent and housing with 65.54 percent.
"The contributions of these main groups to the annual change were 7.60 percent for food and non-alcoholic beverages, 4.51 percent for transportation, and 9.22 percent for housing," it added.
Turkey's monthly inflation rate in June was 1.37 percent, down from 1.53 percent in May. The monthly figure was also below market forecasts of 1.45 percent.
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