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Turkey’s annual inflation rate shot to 16.65 in July

Turkey’s consumer price index rose to 16.65 percent year-on-year in July with an increase of 0.93 percentage points from 15.72 percent the previous month, the Turkish Statistical Institute (TurkStat) reported Monday.

The highest increase was recorded in transportation with 4.46 percent. According to TurkStat, the highest monthly increase was seen in transportation, up 4.46 percent and the highest monthly decline was 3.20 percent in clothing and footwear. Miscellaneous goods and services increased by 26.93 percent in July on a yearly basis.

“Furnishing and household equipment with 25.41 percent, hotels, cafes and restaurants with 19.85 percent, alcoholic beverages and tobacco with 19.23 percent and food and non-alcoholic beverages with 18.21 percent were the other main groups where high annual increases were realized,” according to TurkStat figures show.

Food and non-alcoholic beverages were the main expenditure groups with a decrease of 1.11 percent in July 2019 index. TurkStat data also showed that the 12-month average hike in consumer prices was 19.91 percent last month.

The annual inflation recorded its lowest level in April 2016, with 6.57 percent and its highest level last October at 25.24 percent. TurkStat data also showed that the 12-month average hike in consumer prices was 19.91 percent last month.

According to the Inflation Report 2019-III released by Turkey’s Central Bank on July 31, the year-end annual inflation is forecast to reach 13.9 percent in 2019, Daily Sabah reported.

Turkey’s Treasury and Finance Minister Berat Albayrak said last month that the year-end inflation rate for 2019 will be lower than the 15.9 percent.

Turkey’s new economic program announced last September targets 15.9 percent inflation rate for this year, 9.8 percent for next year, and 6.0 percent in 2021.

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