Inflation in Turkey slowed to 71.6% in June

The annual rate of inflation in Turkey fell to 71.6% in June, for the first time in several months, AFP reported.
Consumer prices started to slow down after hitting a high of 75.45% in May.
"The process of disinflation has begun," Finance Minister Mehmet Simsek wrote in X.
Turkey is grappling with a cost-of-living crisis that has prompted President Recep Erdogan to abandon his opposition to raising interest rates.
The central bank began raising its key interest rate in June 2023, gradually raising it from 8.5% to 50%.
"In the coming months, we will all see how inflation will decrease," Erdogan said.
The staggering rise in consumer prices and the collapse of the Turkish lira are believed to be the cause of the severe electoral setback Erdogan's party suffered in local elections in March. | BGNES