Turkey's annual inflation rate down to 4-month low

By Dilara Zengin

ANKARA (AA) - Turkey's annual inflation rate fell down to 10.90 percent in June, reaching its lowest level in the last four months, the Turkish Statistical Institute (TurkStat) announced on Monday.

Consumer prices in the sixth month of the year dropped by 0.80 percentage points, down from 11.72 percent in May, TurkStat said.

Monthly inflation was also down, declining 0.27 percent in June compared to the previous month.

The report showed the highest monthly increase was in education, up 1.05 percent, while the main drivers of yearly consumer prices were alcoholic beverages and tobacco, together up 21.70 percent.

The median estimate of an inflation expectation survey prepared by Anadolu Agency’s Finance Desk, done with the participation of 17 economists, was a zero percent change on a monthly basis and 11.20 percent on an annual basis. The economists' expectation for the country's year-end inflation rate was 9.79 percent.