Turkey alone increases OECD average inflation by 2.8 points in July

According to the OECD's July headline inflation data, the average inflation rate, including Turkey, was 5.7%, while the average inflation excluding Turkey decreased by 2.8 percentage points, remaining at 2.9%.

Saturday September 14 2024 12:53 pm

Duvar English

The Organization for Economic Co-operation and Development’s (OECD) average headline inflation rate, calculated with Turkey included among its 38 member countries, was 5.7 percent, while the average inflation rate excluding Turkey remained at 2.9 percent.

“Inflation declined by nearly 10 percentage points in Turkey, although it remained above 60 percent. Excluding Turkey, OECD inflation is estimated to have been broadly stable in July,” the report underscored.

Turkey's Consumer Price Index (CPI) monthly increased by 3.23 percent in July, reaching its lowest level in the last nine months on an annual basis at 61.78 percent, according to the official data.

In the G7 countries, year-on-year headline inflation was stable at 2.7 percent in July.

Turkey ranked first among OECD countries with food inflation in July and was more than 7.5 times ahead of the nearest country (Mexico with 7.8 percent).

July official food inflation in Turkey was 58.9 percent whereas it was 4.3 percent for the OECD average.