Turkish inflation dips below 12% for July year-on-year

04.08.2020 - Davydova Maria
Turkish inflation dips below 12% for July year-on-year

Turkey’s consumer price inflation fell lower than expected to 11.46% in July compared to the same month last year, reversing a two-month rise in inflation according to Tuesday’s official data.

The figures boosted the Turkish Lira, trading at 6.9270 against the Dollar.

Consumer prices increased by 0.58% in July month-on-month, in contrast to a Reuters poll of a 0.9% increase.  

The Turkish transportation sector saw the biggest gain in July, increasing by 2.44%. Meanwhile, clothing and footwear prices fell by 3.48%, while food and non-alcoholic beverages dipped by 1.28%, according to data from the Turkish Statistical Institute (TUIK).

The Central Bank of Turkey propped up its year-end inflation forecast to 8.9% from 7.4% last week.

The bank’s governor Murat Uysal expressed that inflation would begin to ease from July onwards as the economy recovers from the pandemic.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.net or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?