(MENAFN) The Turkish Statistical Institute (TurkSat) said that Turkey's inflation rate increased 9.32 percent in July on year, marking the 4th consecutive month above 9 percent in 2014, Xinhua reported.
Turkey's inflation rate edged up 0.45 percent from June, beating all expectations of an inflation rate between 8.9 percent and 9.2 percent in the current month, TurkSat added.
Analysts attributed the increase to the surging of food prices caused by recent drought across the country, adding that the second-quarter results were the worst for food prices.
However, Turkish Central Bank had a more positive view towards price changes in the second half, with expectation of a 7.6 percent inflation rate by the end of the year.
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