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Turkey Inflation June 2023

Turkey: Inflation drops to lowest level since December 2021 in June

Inflation came in at 38.2% in June, which was down from May’s 39.6%. June’s reading marked the lowest inflation rate since December 2021. The decrease was primarily driven by moderating price pressures for housing and utilities, and transportation. That said, food inflation accelerated.

The trend pointed down, with annual average inflation coming in at 60.0% in June (May: 63.7%). Meanwhile, core inflation rose to 47.3% in June, from the previous month’s 46.6%.

Finally, consumer prices increased 3.92% from the previous month in June, picking up from May’s 0.04% rise. June’s figure was the highest reading since January.

Muhammet Mercan, chief economist at ING, commented on the outlook:

“We will likely see an increase in the headline rate ahead given the FX pass-through from recent lira weakness, as well as the continuing strength in demand conditions which is allowing companies to pass on their cost increases to consumers. Potential adjustments in administered prices could also boost overall inflation.”

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