This marks the first inflation slowdown in Turkiye this year. The last time Turkish inflation dropped was in June 2023, when in amounted to 38.21%. After that, inflation only increased to reach 75.45%, the highest rate since 2022, this May.
"A change in general index was realized in CPI (2003=100) on the previous month by 3.23%, on December of the previous year by 28.76%, on same month of the previous year by 61.78% and on the twelve months moving averages basis by 65.93% in July 2024," the authority said in a statement.
Turkish Finance Minister Mehmet Simsek said Monday that prices grew in July because of external factors.
"We continue to receive positive results in all areas of our deflation program. The decline in inflation will be felt more in the coming months," the minister said on X.
In late July, the Turkish Central Bank maintained the key rate at 50% for the fourth month in a row, saying that there was a "notable" decline in inflation in June, which was then expected to rise in the following month "due to adjustments in administered prices and taxes."
Turkiye has been trying to fight soaring inflation for the past few years. In March, Simsek said that the government expected to achieve price stability and single-digit inflation by 2026.