THE inflation reached 58.9% on an annual basis August in Turkeypercentage that is the highest since December 2022according to the official data released today.

The increase in consumer prices, fueled by the depreciation of the Turkish lira, reached 9.1% on a monthly basis.

Inflation had accelerated again in July to reach 47.8% year-on-year, after eight months of decline.

Inflation had eased to 38.2% year-on-year in June, its lowest level in a year and a half, after peaking at 85.5% in October 2022.

Although high, the official figures are disputed by independent economists at the Inflation Research Group (ENAG), which put the rise in consumer prices at 128%.

Turkey’s central bank, which raised its key interest rate from 8.5% to 25% in June to curb inflation, had in late July revised its year-end forecasts.

According to the central bank, inflation will reach 58% at the end of 2023 – more than double previous projections – before returning “to stability” from 2025.

Turkey has recorded double-digit inflation continuously since the end of 2019which makes the cost of living unaffordable for many families.