Turkish annual July inflation dips below 12%

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Turkey’s consumer price inflation fell to a lower-than-expected 11.76% year-on-year in July, official data showed on Tuesday, reversing two months of rising inflation as the economy continued to emerge from lockdown.

The figures boosted the lira, which firmed to 6.9270 against the dollar.

The currency weakened last week to 7 on lingering worries over depleted FX reserves and costly state interventions to steady the currency.

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