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01:24
Türkiye's annual inflation cools to 61.78 pct in July
STORY: Türkiye's annual inflation cools to 61.78 pct in July
SHOOTING TIME: Aug. 5, 2024
DATELINE: Aug. 6, 2024
LENGTH: 00:01:24
LOCATION: Ankara
CATEGORY: ECONOMY
SHOTLIST:
1. various of a bazaar in Bursa, Türkiye (courtesy of Ihlas news agency)
2. various of a bazaar in Gaziantep, Türkiye (courtesy of Ihlas news agency)
3. various of a restaurant of Sisli Municipality in Istanbul, Türkiye (courtesy of Ihlas news agency)
STORYLINE:
Türkiye's annual inflation rate cooled to 61.78 percent in July, marking the second consecutive month of deceleration, official data showed on Monday.
The figure, while still elevated, signals potential progress in the government's efforts to combat the soaring cost of living.
The annual inflation rate stood at 71.6 percent in June, down from 75.45 percent in May, the highest level since November 2022.
"The decrease in inflation will be felt more in the coming period," Finance Minister Mehmet Simsek said on the social media platform X.
Türkiye has been grappling with a severe cost-of-living crisis, prompting President Recep Tayyip Erdogan to reverse course on interest rate cuts in June 2023. Since then, the central bank has aggressively raised its benchmark rate to 50 percent to cool the economy.
Xinhua News Agency correspondents reporting from Ankara.
(XHTV)
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