Türkiye's inflation rate rises to 47.83 pct in July

The annual inflation rate of Türkiye rose to 47.83 percent in July, marking the first increase since October last year, according to official statistics issued on Thursday.

The consumer price index (CPI) in July rose to 47.83 percent annually and 9.49 percent monthly, according to the Turkish Statistic Institute.

The CPI experienced an 8-month consecutive decline from a peak of 85.51 percent in October 2022 to 38.21 percent in June 2023.

Türkiye's central bank revised its year-end inflation forecast to 58 percent last week, up from the previous forecast of 22.3 percent made in May.

The bank's new governor, Hafize Gaye Erkan, said the bank would continue the monetary tightening process until "a significant improvement in inflation is achieved."

On July 20, the central bank raised the interest rate for the second time in two months to 17.5 percent in a bid to fight the rising inflation.