NEWS ECONOMY NEWS        03/07/2019

Turkey’s annual inflation rate falls to 15.72% in June 2019

The Turkish Statistical Institute (TÜİK - TurkStat) announced an increase in the consumer inflation rate for June 2019 compared with the previous month as 0.03%, resulting in a fall in the annual-to-date rate to 15.72% from the previous month’s rate of 18.71%. This was largely in line with market expectations. 


The highest monthly increase was recorded in restaurants and hotels with 2.65%, miscellaneous goods and services with 1.86%, education with 1.50%, and health and household goods with 0.57% apiece.       


Three monthly decreases were recorded in food and non-alcoholic beverages with 1.65%, clothing and footwear with 1.57%, and in entertainment and culture with 0.04%.


The highest annual increase was recorded in miscellaneous goods and services with 26.88%, followed by household goods with 22.51%, restaurants and hotels with 20.84%, alcoholic beverages and tobacco with 19.24%, food and non-alcoholic beverages with 19.20%, and health with 19.05%.


There is some speculation as to the accurateness of the inflation figures produced by TÜİK, since the ordinary citizen feels that he has experienced a much higher rise in the cost of living over the last year. A string of price rises have been introduced since the local election re-run on June 23rd, 2019, such as electricity and petrol prices, but these no doubt will be taken into account in the July inflation calculation.


Turkey’s net minimum wage has been raised 26.05% to TL 2,020 (USD 381) as of 01.01.2019       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s annual inflation rate falls to 15.01% in August 2019       Turkey’s unemployment rate decreases to 12.8% in May 2019       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 82,003,882 as of 2018 yearend       Number of foreigners visiting Turkey in 2018 increases by 21.8% to 39.5 million       Turkey’s private sector foreign debt is USD 225.8 billion as of 2018 yearend       Turkey’s economy contracted by 2.6% in the first quarter of 2019       Turkey shows surplus of USD 538 million in its 12 month rolling current account balance in June 2019