The Turkish Statistical Institute (TUIK) announced on Tuesday that the country’s inflation rate increased 0.86 percent in August and the annual rate slipped to 15.01, down from 16.65% in July.
The Domestic Producer Price Index (D-PPI) decreased by 0.59 percent and annual inflation recorded 13.45 percent in domestic producer prices, the TUIK reported.
TurkStat data also showed that as of August the 12-month average hike in consumer prices increased by 19.62 and domestic producer prices rose by 30,51 percent.
Turkey’s consumer price index rose by 7.35 percent and domestic producer prices rose by 6.39 percent compared to last December.
The highest increase was recorded in alcoholic beverages and tobacco at 19.11 percent. Education costs increased 4.26 percent and housing 2.04 percent, according to the TUIK reports.
In August the highest decrease was recorded in transportation with 1.94 percent, clothing and footwear at 1.10 percent while food and non-alcoholic beverages decreased by 0.77 percent.
Turkish Treasury and Finance Minister Berat Albayrak said on Tuesday that Turkey will achieve its year-end inflation target thanks to policies prioritizing healthy growth and combating inflation, Turkey’s state-run Anadolu News Agency reported.
“A drop in domestic producer price index is leading the downward trend in inflation,” Minister Albayrak wrote on Twitter.