World Economy

Turkey Inflation Rises

Turkey  Inflation RisesTurkey  Inflation Rises

Turkey’s consumer price index increased over estimates in June, mainly due to a hike in food prices during the holy month of Ramadan, Anadolu Agency reported. Official figures from the Turkish Statistics Institute showed on Monday that the annual inflation rate rose to 7.64% in June from 6.58% in May. Turkey’s annual inflation slowed in April to its lowest level since May 2013, as hikes in food prices lost pace. The monthly inflation rate increased by 0.47% in June compared with the previous month, according to TUIK data. The highest monthly increase was seen in food and soft drinks, with a 1.16% rise. Analysts have warned that continuous increases in food prices may be the case again with an expected recovery in Turkey’s food exports to Russia. After Russia had started to impose trade sanctions on Turkey’s agricultural products, food prices fell dramatically across Turkey, pushing down the inflation rate.