(MENAFN) In July, Türkiye's annual consumer inflation rate fell to a nine-month low of 61.78 percent, according to data released by the Turkish Statistical Institute (TurkStat) on Monday. This significant decrease marked the second consecutive month of falling inflation rates, down from 71.60 percent in June. The July figure not only represents a notable drop from the previous month but also came in below economists' forecasts, indicating a trend towards easing inflationary pressures in the country.

A detailed breakdown of the inflation data reveals that different sectors experienced varying levels of price increases. Education saw the most substantial annual inflation, soaring to 104.50 percent. This was the highest inflation rate among the sectors tracked. In contrast, clothing and footwear registered the lowest annual inflation rate, with an increase of 39.75 percent. This disparity highlights the uneven impact of inflation across different parts of the economy.

When adjusting for volatility in certain categories, such as energy, food, non-alcoholic beverages, alcoholic beverages, and tobacco, the inflation rate was somewhat lower, coming in at 60.23 percent for July. This core inflation measure provides a clearer picture of the underlying inflationary trends by excluding the most volatile components of the consumer price index.

A survey conducted by a Turkish news agency had projected a slightly higher inflation rate of 62.23 percent on an annual basis for July. The survey also anticipated a monthly increase of 3.51 percent. In terms of month-to-month changes, Türkiye's Consumer Prices Index rose by 3.23 percent from June. This monthly increase reflects ongoing pressures on consumer prices, despite the overall annual rate showing signs of moderation.

MENAFN05082024000045015839ID1108517092