By Nihad Ahmed

 

Turkey's annual rate of inflation surged even further in June, recording its highest print since September 1998, the country's statistics office Turkstat said Monday.

The consumer price index rose 78.6% in June compared with the same month of 2021. The annual inflation rate in May was 73.5%. A FactSet poll showed economists had expected the annual inflation rate to reach 79.1% in June.

Transportation registered the biggest on-year increase, followed by food and non-alcoholic beverages and furnishings and household equipment, Turkstat data showed.

A notable jump in global commodity prices due to the war in Ukraine, energy tariff hikes at the start of 2022 and sharp falls in the lira in late-2021 have underpinned the inflation surge.

Consumer prices were up 4.95% on month in June after rising 2.98% the previous month, the data showed.

 

Write to Nihad Ahmed at nihad.ahmed@wsj.com

 

(END) Dow Jones Newswires

July 04, 2022 03:33 ET (07:33 GMT)

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