Turkish inflation falls to 71.6% in June — official data

ISTANBUL — Turkey's annual inflation rate fell to 71.6 per cent in June, official data showed on Wednesday.

Consumer prices began slowing after reaching a peak of 75.45 per cent in May.

Turkey has been battling a cost-of-living crisis that prompted President Recep Tayyip Erdogan to drop his opposition to interest-rate hikes to combat inflation.

The central bank began to raise its key rate in June 2023, gradually taking it from 8.5 per cent to 50 per cent.

Erdogan this week said: "We will all see the fever of inflation decrease in the coming months."

The staggering rise of consumer prices and the collapse of the Turkish lira are deemed responsible for the severe electoral setback inflicted on Erdogan's AKP party in March municipal elections.