ANKARA (AA) - Turkey’s annual rate of consumer price inflation climbed beyond expectations in July, led by a surge in alcoholic beverages and food prices.
The annual inflation rate was 8.79 percent in July compared with 7.64 percent in June, the Turkish Statistical Institute (TurkStat) said Wednesday.
The median estimate rate forecast was 8.23 percent, according to Anadolu Agency’s Finance Desk survey of economists.
Monthly inflation increased by 1.16 percent in July from the previous month, TurkStat said.
Alcoholic beverages and tobacco prices rose to an annual 19.36 percent through July, compared with 12.80 percent in June.
Food prices also went up to an annual 9.69 percent in the month.
Clothing and footwear sector saw the highest monthly decrease with a 4.14 percent fall.