Turkey publishes July CPI data
The Turkish Statistical Institute released the Consumer Price Index results for July 2026 on August 3. Official data showed that consumer prices increased 1.78% from the previous month. The annual CPI increase was recorded at 31.75%. In June, the annual rate had been 32.11%, while the monthly increase was 0.99%.
The comparison shows that monthly price growth accelerated by 0.79 percentage points from June. The annual rate, however, declined by 0.36 percentage points. The two measures cover different time periods and do not have to move in the same direction. The monthly rate compares June with July, while the annual rate compares July 2026 with July 2025.
The result was close to the pre-release survey
An Anadolu Agency Finance survey of 17 economists had produced an average forecast of 1.82% for July’s monthly CPI increase. Estimates in the survey ranged from 1.35% to 2.10%. The reported increase of 1.78% came in 0.04 percentage points below the average estimate.
The poll also indicated that annual inflation would ease to 31.80% if the average monthly forecast materialized. The official annual result was 31.75%, which was 0.05 percentage points below that calculation. The small differences show that the July reading was close to the survey average. This comparison does not represent a forecast for later months.
Why monthly and annual rates moved differently
Annual CPI is not determined only by the latest monthly price movement. It reflects a twelve-month comparison. When a new monthly observation enters the annual calculation, the corresponding comparison value from one year earlier also leaves the window. Monthly inflation can therefore accelerate while the annual rate declines.
That pattern appeared in July. The monthly increase moved from 0.99% to 1.78%, while the annual rate eased from 32.11% to 31.75%. The figures show that the overall price level continued to rise, but the pace of increase over the latest twelve-month comparison was slightly lower than in June.
An independent data table confirms the headline figures
Trading Economics’ Turkey inflation table dated August 3 also lists July’s monthly rate at 1.78% and the annual rate at 31.75%. The same table records June’s figures at 0.99% monthly and 32.11% annually. The headline indicators in the official release therefore match the current series displayed by the independent data service.
The Consumer Price Index tracks changes over time in the prices of goods and services consumed by households. The published rate does not measure the exact change in a single person’s expenses. It reflects the average price movement in the national consumption basket, so individual experiences may differ according to the mix of products and services purchased.
What the July release establishes
Consumer prices in Turkey increased 1.78% month on month and 31.75% year on year in July 2026. The monthly rate rose from June, while the annual rate declined. The result was close to, and slightly below, the pre-release survey average of 1.82% for the monthly change.
The release establishes the official inflation comparison for July but does not by itself provide personal budgeting guidance or a forecast for future prices. Later annual readings will depend both on new monthly changes and on the year-earlier values leaving the comparison period. Each new CPI release should therefore be read with its monthly and annual reference periods clearly separated.
