Türkiye's yearly consumer inflation rate decreases to 51.97 percent last month

(MENAFN) According to official data released on Tuesday, Türkiye's annual consumer inflation rate decreased to 51.97 percent in August, marking the lowest level since July 2023. This reduction represents a continued decline for the third consecutive month, falling from 61.78 percent in July. The latest figure also came in below market expectations, as indicated by the data from TurkStat.

The annual inflation rate for education remained notably high, reaching 120 percent in August, continuing to show the largest increase among various sectors. In contrast, the transportation sector experienced the smallest rise in inflation, with an increase of 28.96 percent. These figures illustrate the ongoing disparities in inflation rates across different areas of consumer spending.

When excluding certain categories such as energy, food, non-alcoholic beverages, alcoholic beverages, and tobacco, the inflation rate adjusted to 51.65 percent in August. This figure provides a clearer view of inflation trends by focusing on the core components of consumer prices. Additionally, on a monthly basis, the consumer price index rose by 2.47 percent in August, a slowdown compared to the 3.23 percent increase observed in July.

Prior to the release of these figures, a survey conducted on Friday had projected that August's inflation rate would be around 55.2 percent year-on-year and 2.64 percent month-on-month. The actual data thus shows a lower inflation rate than anticipated, reflecting a potential easing in price pressures in the Turkish economy.

MENAFN03092024000045015839ID1108629528