Türkiye's inflation soars to nearly 62% in July
Türkiye's annual inflation rate surged to 61.78% in July, according to data released by the Turkish Statistical Institute (TurkStat) on Monday.
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This marks a significant increase from the previous month and highlights the ongoing economic challenges facing the country.
On a monthly basis, consumer prices rose by 3.23%, indicating persistent inflationary pressures. The housing sector saw the sharpest monthly increase at 8.08%, while clothing and footwear prices declined by 2.58%.
The government has been grappling with high inflation for several years, which has eroded purchasing power and sparked public discontent. While the central bank has implemented interest rate hikes to combat inflation, the impact has been limited so far. (ILKHA)
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