Turkey’s annual inflation drops to 71.6% in June, exceeding expectations.

Turkey’s annual consumer price inflation fell to 71.60% in June, below expectations, according to official data released on Wednesday. This decrease was driven by rises in education, housing, and restaurant prices.

Month-on-month, consumer price inflation in June was 1.64%, also below expectations, compared to 3.37% in May. Annual inflation in May was 75.45%.

A Reuters poll of economists had forecast that annual inflation would drop to 72.6% in June, down from May’s level, which was the highest since November 2022. It is projected to fall to 42.6% by the end of 2024.

The data also showed that the domestic producer price index rose by 1.38% month-on-month in May, resulting in an annual increase of 50.09%.