Turkey’s annual inflation slowed to 38.21% in June

Turkey’s annual inflation slowed for the seventh month in a row, reaching 38.2% against expectations of 39.47%.

In June, inflation recorded 39.5%, after a slowdown from record levels in October 2022, which reached 85.5%.

On Thursday, June 22, Turkey’s central bank raised the country’s main interest rate, nearly doubling it from 8.5% to 15% as the new economic administration of recently re-elected President Recep Tayyip Erdogan embarked on a radical shift in monetary policy.

This large interest rate hike of 650 basis points was the first rate hike since March 2021.