Annual inflation in Türkiye displayed a sharp drop in July as anticipated, official data showed on Monday, mainly due to the so-called base effect, although the monthly price growth gained pace.
The consumer price index (CPI) eased to 61.78% last month from 71.6% in June, the data from Turkish Statistical Institute (TurkStat) showed.
Monthly price growth, the central bank’s preferred gauge, came in at 3.23%, according to the data.
Officials and the central bank had earlier signaled they anticipated a temporary uptick in the monthly readings due to adjustments in administered prices.
Since last June, the central bank has lifted its key policy rate by 4,150 basis points to curb price gains.
