Türkiye: Inflation drops significantly to 52 percent

ANKARA (dpa-AFX) – In Turkey, the high inflation rate has continued to ease significantly. According to economists, inflation was slowed by the high key interest rates, which increasingly dampened demand. Consumer prices rose by around 52 percent in August compared to the same month last year, the statistics office in Ankara announced on Tuesday. In the previous month, inflation was significantly higher at almost 62 percent and in June at almost 72 percent. Analysts had expected the concerns about inflation to be at this level in August.

Inflation in Turkey has been slowing down for three months now, but it is still at a very high level. In 2022, however, inflation was significantly higher. At the time, it peaked at around 85 percent. Turkey last had similarly high inflation rates in the late 1990s.