03.Jun .2022 12:30

Turkish inflation jumps to 24-year high of 73.5% in May

Turkish inflation jumps to 24-year high of 73.5% in May
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Turkey’s annual inflation rate rose at a lower-than-expected pace but still jumped to a 24-year high in May, official data showed Friday.

The consumer price index (CPI) rose 73.5% in the 12 months through May, the Turkish Statistical Institute (TurkStat) said.

Fuelled by war impact, rising commodity prices and a Turkish lira decline, that is the steepest year-over-year increase since October 1998.

Month-over-month, consumer prices rose 2.98%, the institute said, compared to a market forecast of 4.8%. Annually, consumer price inflation was forecast to be 76.55%.

The lowest annual increase was 19.81% in communication. Education with 27.48%, clothing and footwear with 29.80% and health with 37.74%, were the other main groups where low annual increases realized. On the other hand, transportation with 107.62%, food and non-alcoholic beverages with 91.63% and furnishings and household equipment with 82.08% were the main groups where high annual increases realized.

In May 2022, education with 0.41%, communication with 1.49% and health with 1.61% were the main groups that indicated lowest monthly increase. On the other hand, alcoholic beverages and tobacco with 6.53%, recreation and culture with 6.15%, and hotels, cafes and restaurants with 5.47% were the main groups where high monthly increases realized, TurkStat says.