Yilmaz: July annual inflation fell to 31.75 percent, oil prices drove monthly increase

Vice President Cevdet Yilmaz, commenting on July inflation data released by TURKSTAT on August 2, 2026, reported that annual consumer inflation fell to 31.75 percent. On a monthly basis, the rate stood at 1.78 percent.

According to Yilmaz, the decline in annual inflation for core goods to 16.82 percent is a positive signal; however, the rise in oil prices triggered by U.S.-Iran tensions and administered price adjustments temporarily pushed the monthly figure higher. The increase in fresh fruit and vegetable prices also negatively affected the annual inflation rate for food items.

A year earlier in the same period, annual inflation was at 61.78 percent; while this near-halving of the rate points to modest improvement, the burden on fuel and grocery bills continues to be felt tangibly by an ordinary commuter traveling from Sisli to Kadikoy. Yilmaz emphasized that reform steps would continue and that sustained price stability remained the target.