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Turkey Inflation August 2023

Turkey: Inflation comes in at highest level since December 2022 in August

Inflation came in at 58.9% in August, up from July’s 47.8%. August’s reading was the highest inflation rate since December 2022. Looking at the details of the release, prices for food and non-alcoholic beverages and transportation rose at a quicker pace in August amid sustained lira weakness.

Annual average inflation fell to 56.3% in August (July: 57.5%). Meanwhile, core inflation rose to 64.8% in August, from July’s 56.1%.

Finally, consumer prices rose 9.09% in August over the previous month, coming in below July’s 9.49% rise.

Muhammet Mercan, chief economist at ING, commented:

“Overall, given the deterioration in pricing behaviour, currency weakness despite some recovery in late August, widespread increase in wages and tax adjustments, and a markedly negative real policy rate, inflation will likely remain under pressure in the near term, as we have already seen a significant jump in the last two months.”

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