August inflation: more of the same

TURKEY - Report 03 Sep 2026 by Murat Ucer

Consumer prices rose by 1.8% m/m in August, slightly below median expectations, with the annual CPI inflation edging down slightly to 31.5% from 31.8% in July. Domestic PPI increased by 2.6% m/m in August, raising the 12-month PPI inflation rate slightly to just under 30% (27.9%) from 27.8% in July. In terms of contributions to monthly headline CPI inflation (vs August 2025), food and non-alcoholic beverages was the main factor behind the moderation (along with housing and clothing categories), which was partly offset by the upward move in the contribution of transportation category -- to 0.8 pp from 0.2 pp in August last year. Monthly inflation in food and non-alcoholic beverages slowed markedly to 0.2% m/m in August, with annual food inflation falling sharply as a result -- to 33.8% from 37.5% in July, as processed and unprocessed food inflation both eased. But the trend does not seem to be improving in any material way.

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