Turkey’s inflation rate has cooled for the first time in eight months, bolstering policymakers’ hopes that a long-running cost of living crisis is easing a year after Ankara launched a sweeping economic turnaround plan.
Consumer prices increased 71.6 per cent in June from the same month in the previous year, a slower rate than expected and down from a nearly two-year high of 75.5 per cent in May, according to official data.
The decline in inflation is one of the strongest signs to date that Turkey’s pivot away from unconventional monetary policy following President Recep Tayyip Erdoğan’s re-election in May last year is starting to bear fruit.
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