Turkey inflation eases amid Iran war
Inflation in Turkey slowed down for the first time since the start of the Iran war, recording a year-on-year increase of 32.11% in June compared to 32.61% in May, with monthly inflation declining to 0.99%. This is due to the reduced impact of the energy price shock that the country experienced as a result of closing the Strait of Hormuz and geopolitical tensions, amid Turkey's continued heavy reliance on oil and gas imports, which makes its economy more vulnerable to fluctuations in global energy prices. Nevertheless, inflation remains high, and the Central Bank is expected to continue its strict monetary policies to maintain price stability.
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