Inflation in Turkey falls below 52% in August, slightly below Reuters forecast

ISTANBUL (Reuters) – Turkey’s annual consumer price inflation fell to 51.97 percent in August, official data showed on Tuesday, just below expectations, falling due to base effects and smaller increases in food prices.

Month-on-month, consumer price inflation (CPI) in August was 2.47 percent, also below expectations, according to the Turkish Statistical Institute. In July, the monthly CPI inflation was 3.23%, the annual rate was 61.78%.

In a Reuters poll, annual inflation was forecast to fall to 52.2 percent in August. Month-on-month inflation was expected to be 2.64%. The survey estimates annual inflation to be 42.95% at the end of 2024.

The domestic producer price index rose 1.68 percent month-on-month in August for an annual increase of 35.75 percent, the data showed.