Turkey’s annual inflation rate showed a slight increase in May to 32.6% from 32.4% in April, official figures showed today.
On a monthly basis, consumer prices in Turkey climbed 1.7%, a slowdown from the 4.2% increase in April, but still driven mainly by increases in housing and water costs as well as electricity, gas and other fuels, the TUIK statistics agency said.
In April, the year-on-year rate had jumped more than expected, reaching 32.4% after 30.9% a month earlier.
Turkish annual inflation figures have remained above 30% since December 2021, making life increasingly more expensive for millions of people.
The figure peaked at over 75% in May 2024 before starting to ease.
According to the Istanbul Chamber of Commerce (ITO), the annual rate for May was 36.8% in Turkey’s largest city.
Last month, Turkey’s central bank raised its year-end inflation forecast to 26% from 16% because of higher energy prices due to the Middle East war.
But it predicted inflation would fall to 15% by the end of next year and to just 9% in 2028
