The highest year on year increases were seen in transportation (24.26%), furnishings and household equipment (18.91%) and food and non-alcoholic beverages (18.89%). Hotel, cafe and restaurant prices increased by 13.30%.
The publication of June’s CPI figures prompted a further deterioration in the country’s currency as the lira fell by 1.3% against the US dollar. There was a similar downward movement against sterling with the GBP v TRY mid rate slipping to 6.18.
And it’s a perpetuating cycle because the deteriorating exchange rate only serves to put more upward pressure on inflation. So perhaps good in the short term for tourists, but really bad news for Turkish citizens and businesses.
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