Turkish annual inflation dips to 71.6% in June, more than expected

Turkish annual consumer price inflation fell to 71.60% in June, official data showed on Wednesday, below expectations and driven by rises in education, housing and restaurant prices.

Month-on-month, June consumer price inflation was 1.64%, also below expectations, according to the Turkish Statistical Institute, compared with 3.37% in May. Annual inflation in May was 75.45%.

In a Reuters poll, economists forecast that annual inflation would fall to 72.6% in June, dipping from the May level, which was the highest since November 2022. It was expected to fall to 42.6% by the end of 2024.

The domestic producer price index was up 1.38% month-on-month in May for an annual rise of 50.09%, the data showed.