Turkiye monthly inflation surges to 9.49% in July after tax hikes, lira dip

ISTANBUL: Turkiye inflation soared to 9.49% month-in-month in July, official data showed on Thursday, rising slightly more than forecast and driven by various tax hikes and the lira’s sharp depreciation.

In a Reuters poll, the median estimate was for inflation to climb to 9.1% month-on-month after a plunge in the lira currency which has followed the re-election of President Tayyip Erdogan in May.

Annual CPI inflation rose to 47.83%, according to the data from the Turkiye Statistical Institute, after declining for eight months to a level of 38.21% in June.

The poll forecast a rise to 47.3%.

Domestic producer price inflation was 8.23% month-on-month in July for an annual reading of 44.50%.