In Turkey inflation reached 79.6% in July over one year, against 78.6% in June.
Inflation in Turkey practically stabilized in July and remains below 80% year on year, breaking with the continuous increase recorded since the summer of 2021. According to official figures published on Wednesday, the rise in consumer prices reached 79.6% over one year, against 78.6% in June – a decline of 2.37 points. The high inflation that the country is experiencing is largely explained by the collapse of the Turkish lira, which has lost almost half of its value in one year. The Turkish lira traded at 17.95 pounds to the dollar, almost stable on the announcement of official figures.

The subject remains particularly hot less than a year from the presidential election scheduled for June 2023. The rise in consumer prices, however, remains at levels not reached since President Recep Tayyip Erdogan came to power in 2003. These figures are also regularly disputed by independent economists and the opposition who consider that the data from the National Institute of Statistics (Tüik) must be corroborated.

The Inflation Research Group (Enag), made up of independent Turkish economists, said on Wednesday that inflation reached 176.4% over the year: which nevertheless reflects a slowdown compared to June (175, 6%) but is still more than twice the official rate.

“There will be an improvement in our country”
For Istanbul, the increase is even more marked, according to the Chamber of Commerce and Industry which announced on Monday the figure of 99.1% increase in retail prices over the year. The Head of State showed confidence on Monday by announcing the light at the end of the tunnel: “A trend towards price stabilization has already begun. There will be an improvement in our country,” he promised.

The Central Bank, officially independent but which has experienced a waltz of its governors in recent years, said it is betting on inflation being reduced to 40% by the summer of 2023.

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