Turkey Inflation Eases To 32.95%, Lowest In 45 Months

(RTTNews) - Turkey's consumer price inflation eased further in August to the lowest level in more than three-and-a-half years, figures from the Turkish Statistical Institute showed on Wednesday.

Consumer price inflation softened to 32.95 percent in August from 33.52 percent in July.

This was the lowest rate since November 2021, when prices had risen 21.31 percent. The rate was forecast to slow to 32.6 percent.

Inflation based on transportation moderated to 24.86 percent from 26.57 percent. Similarly, the annual price growth in housing and utilities slowed to 53.27 percent from 62.01 percent. Meanwhile, the prices for food and non-alcoholic beverages grew at an accelerated pace of 33.28 percent versus 27.95 percent in July.

On a monthly basis, consumer prices rose 2.04 percent in August, following a 2.06 percent increase in the previous month.

Another report from the statistical office showed that producer price inflation rose to a 6-month high of 25.16 percent in August from 24.19 percent a month ago.

Prices of mining and quarrying climbed 27.6 percent, and manufacturing reported a 24.73 percent rise. Producer prices of electricity, gas, steam, and air conditioning grew 26.68 percent and surged 55.35 percent for water supply.

Month-on-month, producer prices moved up 2.48 percent after rising 1.73 percent in the prior month.