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Turkey's inflation drops to 31.5 percent
Turkey's annual inflation rate declined to 31.5% in August, down from 31.8% in July, reinforcing expectations of a interest rate cut at the upcoming monetary policy committee meeting on September 10. Rising energy prices and food costs are impacting inflation, with food prices increasing by 33.8% annually and transportation costs up by 35.1%. Authorities expect inflation to decrease to around 28% by the end of the year, with continued prospects of a rate cut. Economic experts suggest that the rate will likely remain unchanged or be reduced by 100 basis points if oil prices continue to fall. The decline in inflation and improved demand are balancing inflationary risks, despite the ongoing deterioration in global energy prices.
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