Yilmaz: July annual inflation fell to 31.75%, monthly increase driven by oil prices

Vice President Cevdet Yilmaz assessed July inflation data released by TURKSTAT on August 2, 2026, reporting that annual consumer inflation fell to 31.75%. The monthly rate came in at 1.78%.

According to Yilmaz, the decline in annual inflation for core goods to 16.82% is a positive signal; however, the rise in oil prices triggered by U.S.-Iran tensions along with administered and managed price adjustments temporarily pushed the monthly figure higher. Rising prices in fresh fruits and vegetables also negatively affected the annual inflation rate for food items.

In the same period last year, annual inflation stood at 61.78%; while this nearly halved decline points to modest improvement, the burden on fuel and grocery bills remains tangibly felt by an ordinary commuter traveling from Sisli to Kadikoy. Yilmaz emphasized that reform steps will continue and that lasting price stability remains the target.