Turkey's Annual Inflation Eases to 31.75 Percent in July

Turkey's annual inflation rate eased to 31.75 percent in July 2026, down from 32.11 percent in June, according to data from the Turkish Statistical Institute (TUIK) as published by Trading Economics. Monthly inflation in July was 1.78 percent, up from 0.99 percent the previous month. Core inflation, which excludes volatile items, ticked up to 29.91 percent. Food prices remained the fastest-rising category, up 37.53 percent year on year. Turkey's central bank (TCMB) has held its policy rate steady at 37 percent over recent consecutive meetings and has warned that the recent surge in energy prices, driven by the regional war, is adding to underlying inflationary pressure. The Turkish lira, which has repeatedly hit fresh record lows against the dollar in recent weeks, traded around 47.7 per dollar on Monday.