He Highlighted the Decline in Annual Inflation for Core Goods to 16.82 Percent

Vice President Cevdet Yılmaz said annual inflation fell to 31.75 percent, adding that structural steps and support for the real sector will continue to shield the economy from external shocks. In a statement assessing July inflation data, Yılmaz noted consumer inflation came in at 1.78 percent on a monthly basis, while annual inflation dropped to 31.75 percent. He highlighted the decline in annual inflation for core goods to 16.82 percent.

Explaining the reasons behind the monthly rise in July, Yılmaz said: "We continue our fight against inflation with the determined and holistic policies we implement. Consumer inflation was 1.78 percent in July, and annual inflation fell to 31.75 percent. Annual inflation in core goods dropped to 16.82 percent.

He attributed the temporary monthly increase to higher oil prices following renewed US-Iran clashes and managed price adjustments. While processed food inflation slowed, rising fresh fruit and vegetable prices pushed up annual food inflation. Domestic energy prices, which had declined in May and June, rose monthly in July, led by fuel and electricity amid geopolitical developments.

Core goods inflation fell both monthly and annually due to seasonal discounts on clothing and footwear. Services inflation rose monthly on higher transportation, communication, and health prices, though it remained flat annually, with rent inflation continuing its yearly decline. Yılmaz said authorities are closely monitoring geopolitical effects on inflation and implementing measures in coordination with institutions.

He added that support continues to ease the impact of rising input and financing costs on production and prices, including access to affordable financing for the real sector. Structural steps boosting production capacity, strengthening food and energy supply security, and reducing housing and logistics costs keep the economy resilient to temporary external shocks. He pledged to continue monetary, fiscal, and supply-side reforms to achieve lasting price stability, strengthen purchasing power, and ensure sustainable prosperity."