Turkish Vice President Cevdet Yilmaz said that annual inflation in the country will decrease much faster in July and August. In June, inflation slowed to 71.6% for the first time in a year from 75.45% in May, while monthly price growth was 1.64%, according to the Institute of Statistics of Turkey (TUIK). The last time annual inflation in Turkey slowed down was in June last year, when it amounted to 38.21% against 39.6% in May. After that, inflation accelerated, and in May this year it reached the highest since November 2022 – 75.45%. Yilmaz noted that annual inflation decreased by 3.8 points to 71.6%. He expects inflation to decline even faster in July and August, to 60% and 50%, respectively. Turkish President Recep Tayyip Erdogan earlier expressed hope that annual inflation in Turkey will reach below 50% in September.
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