Fruits and vegetables are seen on shelves at a supermarket in Ankarabingobingo539, Türkiye, Aug. 5, 2024. Türkiye's annual inflation rate cooled to 61.78 percent in July, marking the second consecutive month of deceleration, official data showed on Monday. (Mustafa Kaya/Handout via Xinhua)

ANKARA, Aug. 5 (Xinhua) -- Türkiye's annual inflation rate cooled to 61.78 percent in July, marking the second consecutive month of deceleration, official data showed on Monday.

The figure, while still elevated, signals potential progress in the government's efforts to combat the soaring cost of living.

The annual inflation rate stood at 71.6 percent in June, down from 75.45 percent in May, the highest level since November 2022.

"The decrease in inflation will be felt more in the coming period," Finance Minister Mehmet Simsek said on the social media platform X.

Türkiye has been grappling with a severe cost-of-living crisis, prompting President Recep Tayyip Erdogan to reverse course on interest rate cuts in June 2023. Since then, the central bank has aggressively raised its benchmark rate to 50 percent to cool the economy.■

Dairy products are seen on shelves at a supermarket in Ankara, Türkiye, Aug. 5, 2024. Türkiye's annual inflation rate cooled to 61.78 percent in July, marking the second consecutive month of deceleration, official data showed on Monday. (Mustafa Kaya/Handout via Xinhua)

People shop at a supermarket in Ankara, Türkiye, Aug. 5, 2024. Türkiye's annual inflation rate cooled to 61.78 percent in July, marking the second consecutive month of deceleration, official data showed on Monday. (Mustafa Kaya/Handout via Xinhua)

A man shops at a supermarket in Ankara, Türkiye, Aug. 5, 2024. Türkiye's annual inflation rate cooled to 61.78 percent in July, marking the second consecutive month of deceleration, official data showed on Monday. (Mustafa Kaya/Handout via Xinhua)