Turkey’s annual inflation rose at a slower-than-expected pace in July but still neared 80%, official data showed Thursday, as global energy and commodity costs continue to weigh on prices.
Consumer prices surged 79.6% last month from a year earlier, the Turkish Statistical Institute (TurkStat) said, compared to 78.6% in June. The new inflation figure marks the highest level since 1998.
Surveys had expected the consumer prices index (CPI) to top 80% in July.
The government has said inflation would fall with the new economic program, which prioritizes low rates to boost production and exports and aims to achieve a current account surplus.
President Recep Tayyip Erdoğan has said he expected runaway prices to soon begin to fall and come down to "appropriate" levels by February-March next year, Daily Sabah reports.