Economy in Turkey: TUIK announces inflation figures for July 2023

According to the TURKSTAT (TUIK), monthly inflation was 9.49 percent in July and annual inflation was 47.83 percent. According to ENAG (private group), consumer prices increased by 13.18 percent monthly and 122.88 percent annually in July.

The Turkish Statistical Institute (TURKSTAT) has announced the inflation figures for July. The change in the consumer price index (CPI) in July 2023 compared to the previous month was 9.49 percent. Compared to December of the previous year it was 31.14 percent. Compared to the same month of the previous year it became 47.83 percent and compared to the twelve-month averages it was calculated as 57.45 percent.

The CPI had increased by 3.92 percent monthly and 38.21 percent annually in June.

An 18-month peak was seen in monthly inflation in July. The eight-month long series of declines in annual inflation came to an end in July.

Economists’ expectations for July were 9.1 percent for the month and 47.3 percent for the year in a Reuters poll. In the AA survey, the expectation was 9.07 percent for the month and 47.27 percent for the year.

ENAG CALCULATED THE INFLATION AS 122.88 PERCENT

The Inflation Research Group (ENAG), formed by independent academics, calculated that consumer prices had increased by 13.18 percent monthly and 122.88 percent annually in July.