A vendor cuts bacon during of the holy month of Ramadan near Eminonu Square in Istanbul on March 15, 2024. As the sun sets over the Bosphorus, a long queue forms on a street in Istanbul as people wait for iftar, the evening meal that breaks Ramadan’s daily fast. Due to Turkey’s high inflation, many worshippers cannot afford to prepare iftar at home and so rely on the local authorities for the meal. (Photo by Yasin AKGUL / AFP)
Istanbul, Turkey — Turkey’s annual inflation rate fell to 71.6 percent in June, official data showed Wednesday.
Consumer prices began slowing after reaching a peak of 75.45 percent in May.
Turkey has been battling a cost-of-living crisis that prompted President Recep Tayyip Erdogan to drop his opposition to interest-rate hikes to combat inflation.
READ: Turkish inflation jumped to 75.45% in May: official data
The central bank began to raise its key rate in June 2023, gradually taking it from 8.5 percent to 50 percent.
Erdogan this week said: “We will all see the fever of inflation decrease in the coming months.”
The staggering rise of consumer prices and the collapse of the Turkish lira are deemed responsible for the severe electoral setback inflicted on Erdogan’s AKP party in March municipal elections.