Turkey and US release mixed economic data on housing, production, and inflation

Economic data from Turkey and the United States show mixed trends in production, housing, and inflation.

In Turkey, the Turkish Statistical Institute (TÜİK) reported that total housing sales in July fell 17% year-on-year to 123,603 units. While second-hand sales dropped by 20.8%, mortgage-backed sales increased by 23.7%. Housing sales in major cities like Istanbul, Ankara, and Izmir also saw declines, though sales to foreign nationals rose 1.9% to 2,120 units.

Agricultural and livestock production in Turkey showed growth in June. Cow milk production rose 6.5% to 995,463 tons, and chicken meat production increased 14.7% to 232,238 tons. However, the Agricultural Producer Price Index (PPI) rose 2.31% in July, with vegetable and melon groups seeing the highest annual increase of 84.34%.

In the United States, July inflation data indicated that the Producer Price Index (PPI) remained unchanged from the previous month, missing the expected 0.2% increase. Annual producer inflation stood at 4.7%. Consumer Price Index (CPI) data showed a monthly increase of 0.1% and an annual increase of 3.4%, with core annual inflation slowing to 2.5%, the lowest level since March 2021.