On Wednesday, Turkish statistics service TUIK released data which showed that in June, annual inflation in Türkiye slowed to its lowest rate in over a year,

The data showed that consumer price growth for the year backed off to 38.2% in June, from May’s 39.59%, coming in below analyst expectations.

June’s monthly inflation rate came in at 3.92%, which was also below predictions, in spite of the continued weakening of the nation’s currency, the lira.

According to the data, the largest price gains year over year were in hotel and restaurant prices, which were up 67.2%. Prices for food and non-alcoholic drinks rose by almost 54%. Tobacco and alcoholic beverage costs increased by 40%, as clothing was up 21%, transport was up 20.7%, and residential estate increased 14.7%.

Although there has been a small decline in inflation, analysts say there is “little reason” for optimism. Conotoxia’s Market Analyst Bartosz Sawicki said in an interview with CNBC, “The lira freefall starts to take its toll once again as it reignites cost pressures.”

Economists note, due to the risk of another round of inflation unwinding, the pressure is mounting on Türkiye’s Finance Ministry and the Central bank.

However policymakers in the nation have recently begun to abandon the unorthodox financial policies which have to date afflicted the nation with spiraling inflation. They have begun to raise interest rates for the first time in more than two years, as they have removed artificial support for the lira.