Istanbul, Aug. 3, (dpa/GNA) – Turkish consumer prices picked up pace in July, with annualized inflation surging to 47.83% from 38.21%, the statistics office reported on Thursday.
Monthly inflation hit 9.49% in July while the highest increases were registered in hotels, health and food and beverage, TurkStat data showed.
The Turkish inflation rate had been falling since a peak in October at 85.5%. The fragile G20 economy is struggling with one of its worst cost-of-living crises to date.
Independent observers put the inflation figure at a much higher rate.
The Istanbul-based ENAG research group on Thursday announced its annual inflation estimate for July at 122.8%.
The Turkish central bank recently updated its end-year inflation forecast as 58%.
GNA