ANKARA  

Expectations for inflation in Türkiye for the next 12 and 24 months have been improving for the past 10 months now, the nation's Treasury and Finance Minister said on Friday.

His comments came after the Turkish Central Bank released its survey of market participants for August.

"Even though the climb in July monthly inflation due to temporary effects led to a limited rise in year-end expectations, the next 12-month inflation expectation fell to 28.7%, while the next 24-month inflation expectation came in at 19.3%, Mehmet Simsek wrote on X.

Türkiye's annual consumer inflation significantly cooled to a nine-month low of 61.78% in July from 71.60% in June, according to latest data from the Turkish Statistical Institute.

On a monthly basis, Türkiye's Consumer Price Index rose 3.23% from July, from 1.64% in June.

"We expect annual inflation to decline significantly in August and continue to ease for the rest of the year," said Simsek.