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Turkey’s inflation falls to 71.6 percent in June: official data

Turkey inflation

In this file photo, a vendor cuts sausage during of the holy month of Ramadan near Eminönü Square in İstanbul on March 15, 2024. Due to Turkey's high inflation, many worshippers cannot afford to prepare iftar at home and so rely on the local authorities for the meal. (Photo by Yasin AKGUL / AFP)

Turkey’s annual inflation rate fell to 71.6 percent in June, Agence France-Presse reported, citing official data on Wednesday.

Consumer prices began slowing after reaching a peak of 75.45 percent in May.

Turkey has been battling a cost-of-living crisis that prompted President Recep Tayyip Erdoğan to drop his opposition to interest-rate hikes to combat inflation.

The central bank began to raise its key rate in June 2023, gradually taking it from 8.5 percent to 50 percent.

Erdoğan this week said: “We will all see the fever of inflation decrease in the coming months.”

The staggering rise of consumer prices and the collapse of the Turkish lira are deemed responsible for the severe electoral setback inflicted on Erdoğan’s Justice and Development Party (AKP) in March municipal elections.

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