Turkey’s consumer price index (CPI) inflation officially stood at 72% year on year in June versus 75.45% y/y in May and 38% y/y in June last year, the Turkish Statistical Institute (TUIK, or TurkStat) said on July 3 (chart). TUIK’s inflation series reached its peak at 75.45% in May. It will quickly fall back to the 40%s in the next few months thanks to the base effect. Pushing the headline figure to below 40% would perhaps prove too much of a stretch for the country’s infamous statistical institute. On May 9, the central bank hiked its end-2024 official inflation ‘target’ to 38% in its latest …