Turkish consumer price inflation slowed more than forecast in June as food prices fell on an annual basis.
The annual inflation rate dropped to 7.2 per cent from 8.09 per cent in May, Turkey’s statistics bureau said in a statement on its website. Economists estimated the rate to decline to 7.75 per cent, according to a Bloomberg survey. Prices fell 0.51 per cent compared with the previous month. Food prices rose an annual 9.28 per cent, down from 12.81 through May.
The slowdown in consumer price gains was the first this year. The central bank said June 23 that falling food prices would ease inflation. Recent volatility in food and energy prices and global uncertainties still merit a “cautious” monetary policy approach, the bank said last month.
The lira was little changed after the inflation data was released and was trading 0.12 lower at 2.6876 per dollar at 10:03 a.m. in Istanbul on Friday.
News by Bloomberg, edited by ESM
