MADRID, 5 Jul. (EUROPA PRESS) -

Turkey's year-on-year inflation rate stood at 38.21% last June, down from 39.59% in May, marking the eighth consecutive drop in the price index and the smallest price rise since the end of the year. 2021, according to data published by the Turkish Statistical Institute (Turkstat).

In this way, the moving average of inflation in the last twelve months stood at 59.95%, compared to 63.72% in May, but above the 44.54% registered in the same month of 2022.

However, in monthly terms, the Turkish CPI rose 3.9%, compared to the 0.04% increase in May and the 2.39% increase in April. In June 2022 the monthly increase in prices was 4.95%.

In the sixth month of 2023, the lowest annual increase in prices was 14.76% in housing, as well as 20.75% year-on-year in transport and 21% in clothing and footwear.

For its part, the largest year-on-year increase in prices was observed in the hotels, cafes and restaurants sector, with 67.22%, followed by the health sector, with a rise of 65.69%.

At its June meeting, the Monetary Policy Committee of the Central Bank of Turkey decided to increase the reference interest rate for its refinancing operations by 650 basis points, from 8.5% to 15%, its highest level since the end of of 2021, although analysts had placed their expectations on a rise to 20%, which caused the collapse of the price of the lira.