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Inflation was 3.23 percent every month in July, while it decreased to 61.78 percent on an annual basis.

According to data from the Turkish Statistical Institute, when 12-month averages are considered, consumer prices increased by 65.93 percent, and domestic producer prices rose by 47.55 percent.

Every month, the Consumer Price Index (CPI) increased by 3.23 percent, while the Producer Price Index (PPI) rose by 1.94 percent.

The CPI was 28.76 percent in July compared to December of the previous year and 61.78 percent compared to the same month of the previous year. This marks the lowest rate recorded since the CPI was calculated at 61.98 percent in November 2023.

The PPI was 21.81 percent compared to December 2023 and 41.37 percent compared to July of the previous year.

Economists had predicted that the CPI would increase by 3.51 percent in July. They also anticipated that annual inflation, which was 71.6 percent the previous month, would decrease to 62.23 percent.

According to Turkish Statistical Institute (TÜİK) data, the PPI increased by 1.94 percent in July compared to the previous month, by 21.81 percent compared to December of last year, by 41.37 percent compared to the same month last year, and by 47.55 percent based on 12-month averages.

The annual changes in the four sectors of the industry were as follows: 60.34 percent in mining and quarrying, 41.84 percent in manufacturing, 25.27 percent in electricity and gas production and distribution, and 75.4 percent in water supply.

When examining the annual changes in the main industry groups, there was an increase of 36.96 percent in intermediate goods, 49.78 percent in durable consumer goods, 55.41 percent in non-durable consumer goods, 31.09 percent in energy, and 40.06 percent in capital goods.

In terms of monthly changes across the four sectors of industry, mining, and quarrying saw an increase of 1.55 percent, manufacturing increased by 1.42 percent, electricity and gas production and distribution rose by 7.37 percent, and water supply grew by 5.28 percent.

When looking at the monthly changes in the main industry groups, there was a 1.57 percent increase in intermediate goods, a 1.2 percent increase in durable consumer goods, a 0.58 percent increase in non-durable consumer goods, a 6.28 percent increase in energy, and a 1.78 percent increase in capital goods.

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