• June CPI rate 7.64 percent vs 6.58 percent previous month
  • Economists in Bloomberg survey predicted 6.94 percent

Turkey’s consumer price inflation climbed more than estimated in June, led by a surge in food prices.

The annual inflation rate was 7.64 percent last month compared with 6.58 percent in May, Turkey’s state statistics institute said Monday. The median estimate in a Bloomberg survey of economists forecast the rate to rise to 6.94 percent. Food prices rose an annual 6.63 percent through June, compared with 2.47 percent in May.

A core inflation gauge, which excludes volatile items such as food and gold, slowed to 8.67 percent, from 8.77 percent the previous month. The central bank’s rate-setting committee led by Governor Murat Cetinkaya noted the decline in the core index last month when it cut the overnight lending rate by half a percentage point to 9 percent. Despite the slowdown in the core index, inflation in services and labor costs merit a “tight” liquidity stance, the bank said at the time.

The lira trimmed gains after the inflation data and was trading 0.4 percent higher at 2.8900 per dollar at 10:03 a.m. in Istanbul.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE