Inflation, food prices

Prices rose by 19% in July in Turkey

Prices of food, transport and household equipment increased more than 22% in the last year in Turkey.

Prices rose almost 19% in July in Turkey compared to the same month last year, according to the latest inflation data released on Tuesday in the Eurasian country.

According to the report released by the Turkish Statistical Institute (TÜİK), the Consumer Price Index increased by 18.95% last month in Turkey, which represents an increase in inflation of 1.42 points in relation to prices in June, when it stood at 17.53%, and 7.19 points if compared to July 2020, when inflation in Turkey was 11.76%.

The highest year-on-year price increase was recorded in food and non-alcoholic beverages, whose cost shot up 24.92% compared to a year ago; it was followed by transport, with a rise of 24.62%, and furniture and home equipment, where prices increased by 22.7% since July 2020.

The rise experienced by prices in Turkey in July is slightly higher than that projected by economists, who had forecast an average rise of around 18.74% for that month. Faced with the increase in the cost of living in the country, last week the Central Bank of the Turkish Republic (TCMB) increased its inflation forecast for the end of 2021 to 14.1%, almost two points more than its previous estimate of 12.2%.