Inflation in Turkey decreased in June. The decline is the first in eight months.
Consumer prices rose by 71.6 percent compared to the same period last year, which can be compared to an inflation rate of 75.5 percent in May.
Compared to May, prices rose by 1.6 percent in June.
"The disinflation process has begun," writes Turkey's Finance Minister Mehmet Simsek in a post on the social network X.
Analysts had on average expected a slower inflation rate in June, but the average forecast was 72.6 percent with price increases of 2.2 percent compared to May, according to Bloomberg's compilation of forecasts.
Turkish market interest rates fell after the inflation figure, down by over 0.60 percentage points for two-year Turkish government bonds. The Turkish currency, the lira, also received support from the figures.
Turkey's central bank has raised the interest rate to 50 percent in less than a year to curb inflation in the country. The central bank has an inflation target of 38 percent by the end of 2024, but many doubt that it can be achieved.
The official inflation target in Turkey is 5 percent.
