Turkey's annual inflation hit 17.9 percent in August, whereas the monthly inflation stood at 2.3 percent, according to the statement of Turkish Statistical Institute (TurkStat) released Monday.

The annual inflation rate was up from 15.85 in July.

The consumer price index (CPI) increased by 12.29 percent compared to December of the previous year and 12.61 percent on the 12-month moving averages basis.

On a yearly basis, the biggest price hike was in transportation services in August — up at 27.13 percent — and in furnishing and household equipment at 23.76 percent.

According to TurkStat, inflation was 23.33 percent in "miscellaneous goods and services," 19.75 percent in food and non-alcoholic beverages, and 16.30 percent in housing prices.

Following TurkStat's announcement, the Central Bank of the Republic of Turkey (CBRT) said "recent developments regarding the inflation outlook indicate significant risks to price stability."

"The Central Bank will take the necessary actions to support price stability... monetary stance will be adjusted at the September Monetary Policy Committee Meeting in view of the latest developments. The Central Bank will continue to use all available instruments in pursuit of the price stability objective," the bank said.

The upcoming Monetary Policy Committee meeting will take place Sept. 13.