Inflation in Turkey at 79.6% in July, the highest in 24 years

Turkey’s consumer price index (CPI), a measure of inflation, rose 79.6% year on year in July, the National Statistical Office of Turkey announced Wednesday. This is the highest level in 24 years.

The continuous devaluation of the lira and the high global costs of energy and raw materials are driving up inflation.

The CPI rose 2.37% in July, compared with forecasts of 2.9%, while the survey predicts an annual CPI of 80.5%.

The Producer Price Index (PPI) rose 5.17% month on month and 144.61% year-on-year in July.

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