Turkey’s annual inflation at 24-year high of nearly 80%

Turkey’s annual inflation rose at a slower-than-expected pace in July but still reached a 24-year high of nearly 80%, official data showed Wednesday.

Driven by soaring food, housing and energy costs, consumer prices surged 79.6% last month from a year earlier, the Turkish Statistical Institute (TurkStat) said. 

Turkey’s new inflation figure is up about one percentage point over June 2022 data and marks the highest level since 1998.

Inflation began to surge last autumn, when the lira slumped after the central bank gradually cut its policy rate by 500 basis points to 14 percent in an easing cycle sought by President Recep Tayyip Erdogan.

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