Inflation in Turkey Rises to 23-year High of nearly 79% in June

Turkish inflation rose year-on-year in June to a 23-year high of 78.62%, its acceleration for the 13th consecutive month boosted by the weakness of the local currency (the Turkish lira) and the negative effects of Russia's military invasion of Ukraine, which are expressed in a continued strong increase in the prices of raw materials.

Turkish inflation soars to 78.6% annually

Inflation in Türkiye in June soared to an annual rate of 78.6 percent -- the highest in 24 years, according to official data released on July 4. 

The inflation rate reported by Türkiye's state statistics agency was the highest since January 1998.

Inflation had stood at 73.5 percent in May and at 15.0 percent at the start of last year.

Consumer confidence declines in June

The consumer confidence index that inched up 0.4 percent in May declined by 6.2 percent monthly in June, according to data released on June 22. 

The index, which stood at 81.7 in June 2021, declined from 67.8 in May to 63.4, this month, showed the regular consumer tendency survey conducted jointly by the Central Bank and the Turkish Statistical Institute (TÜİK).

Bank of Japan keeps easing policy despite US, Europe rate hikes

The Bank of Japan on June 17 stuck to its long-held monetary easing policy even as other central banks around the world hike interest rates to tame inflation.    

But it said it would "pay due attention" to foreign exchange markets, a rare comment that comes after the yen hit a 24-year low against the dollar.