Turkey's inflation rate reaches 12.62 percent

Consumer prices in Turkey went up in June versus the same month last year, the country's statistical authority announced Friday.

June's annual inflation rate was at 12.62% from 11.39% in May, Turkish Statistical Institute (TurkStat) data showed.

A group of 16 economists polled by Anadolu Agency on Tuesday predicted annual inflation would climb to 12.14% in June.

The economists also predicted a 0.70% monthly increase in the consumer price index, with estimates ranging between 0.45% at the lowest and 1.3% at the highest.

The government's year-end inflation target is 8.5% for 2020 as laid out in the government’s new economic program announced last September.