Price indices

Alarming data emerged for Greece from Eurostat's final data for June's European Union-harmonized consumer price index: Last month Greece recorded the highest monthly increase at 3.3% in prices in the food category not only in the eurozone, but throughout the European Union. In fact, the increase recorded in food prices in June compared to May was even higher than that in Turkey.

A closely watched survey has showed that Türkiye's large construction sector may be on track for recovery.

The construction activity index climbed to a 21-month high in June, according to the survey conducted by the Turkish Ready Mixed Concrete Association (THBB).

All sub-indices pointed to a recovery in the construction sector compared with last year, said the association.

It appears there is no end to food price hikes, as in just one month, June, increases of 2.1% were recorded compared to May 2023. Therefore, although the general consumer price index fell below 2% in June to 1.8%, so-called food inflation jumped to 12.2%.

Inflation in Cyprus reached its lowest level in 25 months in June 2023 and stood at 1.9% on an annual basis, mainly due to the decline in food prices.

According to the Statistical Service, the Consumer Price Index (CPI) and thus inflation decreased in June 2023 by 0.34 points to 114.38 points, compared to 114.72 points in May 2023.

The Development Ministry on Friday announced the extension until the end of this year of both the "Household Basket" measure and the ceiling on profit margins in food and fuel, both of which were due to expire.

New Minister of Development Kostas Skrekas left open the possibility of a continuation of the "Household Basket" measure following the new cabinet's swearing-in ceremony on Tuesday, referring, however, to the announcements that the prime minister will make on Wednesday at the first meeting of the new government.

The services producer price index (S-PPI) has increased by 2.99 percent in May from the previous month with the monthly increase in the index easing from 3.9 percent in April, data from the Turkish Statistical Institute (TÜİK) have shown.

The index rose by 28.6 percent from the end of 2022, while the year-on-year increase slowed from 71.8 percent in April to 65.47 percent in May.

Türkiye's Higher Education Board (YÖK) head Erol Özvar has advised foundation universities to make inflation rates a top priority when determining fees.

Speaking to the press in Ankara, Özvar stated that they expect foundation universities to take into account the increase in rates in previous years.

U.S. consumer prices barely rose in May and the annual increase in inflation was the smallest in more than two years, though underlying price pressures remained strong.

Chinese inflation came in flat again in May, official figures showed on June 9, as the country's economy sputters owing to softening demand and falling exports, leading to calls for a rate cut and a bigger government stimulus.

The consumer price index (CPI) rose 0.2 percent on-year, from 0.1 percent in April, the National Bureau of Statistics (NBS), said.