Minister Bolat announces: When will inflation decline?

Trade Minister Ömer Bolat evaluated the July inflation figures in a post on his social media account.

Highlighting the continuous decline in the annual inflation path, Bolat noted that the inflation rate for July decreased by 3.23% compared to the previous month and stood at 61.78% compared to the same month last year.

"Core Inflation Increased by 2.45% Monthly"

Bolat stated that the annual inflation rate, which was 71.6% in June 2024, fell by 9.8 percentage points in July, and continued:

"The monthly increase was influenced by temporary factors, and the decline in inflation will become more pronounced in the coming period. Core inflation (excluding energy, food and non-alcoholic beverages, alcoholic beverages, tobacco products, and gold) increased by 2.45% monthly and decreased by 11.2 percentage points annually to 60.2%."

"Decline Will Continue in the Coming Months"

Bolat emphasized that the core inflation data being lower than the headline inflation indicates a more pronounced slowdown in the main trend of inflation, and added:

"Under the determined economic program of our government, while improvements are observed in the growth composition due to the decrease in the trade deficit, positive developments are being achieved towards price stability with the establishment of the disinflation process. The decline in inflation is expected to continue in the coming months. In this context, we will continue our efforts to permanently increase the welfare level and purchasing power of our citizens."