People shop at a local market in Ankara, Türkiye, on Sept. 3, 2024. Türkiye's inflation slowed to 51.97 percent year-on-year in August, slightly under market expectations, official data showed on Tuesday. (Mustafa Kaya/Handout via Xinhua)
ANKARA, Sept. 3 (Xinhua) -- Türkiye's inflation slowed to 51.97 percent year-on-year in August, slightly under market expectations, official data showed on Tuesday.
Annual consumer inflation fell to the lowest level of the past year due to the tight monetary policy and base effects.
The Consumer Price Index (CPI) registered a monthly increase of 2.47 percent in August, according to figures from the Turkish Statistical Institute.
"Disinflation is becoming evident," Turkish Finance Minister Mehmet Simsek said Tuesday on social media platform X, adding that Türkiye's annual inflation fell by 23.5 points to 52 percent over the past three months.
He noted that the monthly inflation was recorded at 2.5 percent in August and 1.4 percent excluding administered prices due to temporary factors, and the monthly food inflation became negative for the first time in four years.
"We expect a decline in the underlying trend of monthly inflation in the last quarter due to the strengthening financial stability, the rebalancing in the economy and the improvement in expectations. Thus, we expect inflation to be within the forecast range at the end of the year," Simsek said.
In July, monthly inflation was 3.23 percent, while the annual rate was 61.78 percent.
The yearly rate has fallen since May, when the inflation increased to 75.45 percent, the highest level since November 2022.
Türkiye has been struggling with rising inflation and one of the worst cost-of-living crises of its history.
Since June 2023, Türkiye has hiked its key interest rate from 8.5 percent to 50 percent, tightening its monetary policy. ■
People shop at a local market in Ankara, Türkiye, on Sept. 3, 2024. Türkiye's inflation slowed to 51.97 percent year-on-year in August, slightly under market expectations, official data showed on Tuesday. (Mustafa Kaya/Handout via Xinhua)
People shop at a local market in Ankara, Türkiye, on Sept. 3, 2024. Türkiye's inflation slowed to 51.97 percent year-on-year in August, slightly under market expectations, official data showed on Tuesday. (Mustafa Kaya/Handout via Xinhua)
People shop at a local market in Ankara, Türkiye, on Sept. 3, 2024. Türkiye's inflation slowed to 51.97 percent year-on-year in August, slightly under market expectations, official data showed on Tuesday. (Mustafa Kaya/Handout via Xinhua)
People shop at a local market in Ankara, Türkiye, on Sept. 3, 2024. Türkiye's inflation slowed to 51.97 percent year-on-year in August, slightly under market expectations, official data showed on Tuesday. (Mustafa Kaya/Handout via Xinhua)