In Turkey, consumer price growth slowed to 31.75% year-on-year in July, the lowest since March, compared with 32.11% a month earlier, according to a report from the country's statistical institute (Turkstat).

The consensus forecast of analysts, cited by Trading Economics, had expected July inflation to be 31.8%.

Price growth for housing and utilities slowed to 40.32% from 45.14% in June, and for transport to 30.83% from 31.15%. Price growth for alcohol and tobacco, telecommunications, and education services also slowed.

Food and non-alcoholic beverage prices accelerated to 37.53% year-on-year from 35.45% in June, and clothing and footwear to 16.48% from 14.18%.

Consumer prices rose 1.78% month-on-month in July, compared with 0.99% in the previous month.

Producer price growth (PPI) in Turkey slowed to 27.83% year-on-year in July from 28.09% in June, and to 1.52% month-on-month from 1.8%.