Inflation in Türkiye reached 58.9% in August

Official data showed on Monday, September 4, that annual consumer price inflation in Turkey rose to 58.94% in August, exceeding expectations and rising for the second month in a row as a result of the decline in the lira and the recent increase in taxes.

The consumer price inflation rate reached 9.09% on a monthly basis, a slight decrease from 9.49% in the previous month.

According to a Reuters poll, annual inflation was expected to reach 55.9% and monthly inflation to be 7.0%. In July, the annual figure was 47.83%.

Inflation rose after the currency crisis at the end of 2021 and touched its highest level in 24 years at 85.51% last October.

The lira fell slightly after the release of inflation data to 26.78 against the dollar by 0724 GMT.

The domestic producer price index rose 5.89% on a monthly basis in August, recording an annual rise of 49.41%, according to data from the Turkish Statistical Institute.