Turkey’s annual inflation rate fell to 71.6 percent in June, official data showed Wednesday. Consumer prices began slowing after reaching a peak of 75.45 percent in May.
Turkey has been battling a cost-of-living crisis that prompted President Recep Tayyip Erdogan to drop his opposition to interest-rate hikes to combat inflation, reports BSS.
The central bank began to raise its key rate in June 2023, gradually taking it from 8.5 percent to 50 percent.
Erdogan this week said: “We will all see the fever of inflation decrease in the coming months.”
The staggering rise of consumer prices and the collapse of the Turkish lira are deemed responsible for the severe electoral setback inflicted on Erdogan’s AKP party in March municipal elections.
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