Türkiye's annual inflation expected to drop to 55.2% in August

Türkiye's annual inflation rate is expected to decrease to 55.2% in August, down from 61.78% in July, according to an Anadolu Agency survey.

Based on research conducted with 11 economists, the survey found that the monthly inflation rate is projected to be 2.64% for August, a decrease from 3.23% in July.

The economists' forecast for year-end annual inflation is 42.84%.

Treasury and Finance Minister Mehmet Şimşekpreviously predicted that August inflation would be around 50%, noting that Türkiye has moved past the "hardest" period of inflation.

Simsek also emphasized that the country aims to close 2024 with the Central Bank's target of 38% inflation, with plans to reduce the rate to below 20% in 2025 and below 10% in 2026.