Turkey’s annual inflation rate rose slightly in May to 32.6 percent from 32.4 percent in April, official figures showed Friday.
Consumer prices increased 1.7 percent month-on-month, slowing from a 4.2 percent rise in April, according to the Turkish Statistical Institute. The increase was driven mainly by housing, water, electricity, gas and other fuel costs.
In April annual inflation had risen more than expected to 32.4 percent from 30.9 percent in March.
The independent Inflation Research Group (ENAG), comprised of academics and economists, put annual inflation at 53.13 percent in May, with consumer prices rising 2.16 percent from the previous month.
Turkey’s annual inflation rate has remained above 30 percent since December 2021, making life more expensive for millions of people.
Inflation reached 85 percent in October 2022, its highest level in 24 years, before easing, then rose again to 75 percent in May 2024.
The İstanbul Chamber of Commerce said annual inflation in Turkey’s largest city stood at 36.8 percent in May.
Last month Turkey’s central bank raised its year-end inflation forecast to 26 percent from 16 percent, citing higher energy prices linked to conflict in the Middle East.
The bank forecast that inflation would fall to 15 percent by the end of next year and to 9 percent in 2028.
© Agence France-Presse