TÜİK, Turkish statistical authority announced that consumer prices in Turkey rose 15.72% on an annual basis in June, a sharp drop in inflation rates from May.

The annual inflation rate last month fell from 18.71% in May and the data for June was the lowest seen in Turkey since June of last year, when it was 15.39%.

The figure was in line with market expectations.

The highest price rise last month was seen in various goods and services, up 26.88% year-on-year.

Furnishing and household equipment with 22.51%, hotels, cafes and restaurants with 20.84%, alcoholic beverages and tobacco with 19.24%, and food and non-alcoholic beverages with 19.20% were the other main groups where high annual increases were realized.

TÜİK data showed that on a monthly basis, consumer prices rose 0.03% in June.

"The highest monthly increase was 2.65% in hotels, cafes, and restaurants," TÜİK said.

That sector was followed by miscellaneous goods and services with 1.86%, education with 1.50%, and health and furnishing and household equipment with 0.57% during the same period.

The 12-month average hike in consumer prices was 19.88% in June.

According to an inflation report by Turkey's Central Bank released back in April, year-end annual inflation is expected to hit 14.6% in 2019.