Turkiye’s inflation rises to 24-year high of 73.5% in May

Russia’s invasion of Ukraine has compounded the situation in import-dependent Turkiye.

The latest figure surpassed the 73.2 per cent touched in 2002 and is the highest since October 1998, when annual inflation was 76.6 per cent.

Turkiye ‘s annual inflation rate increased at a lower-than-expected pace in May, but still rose to a 24-year high, according to Turkish Statistical Institute data, which showed consumer price index rose by 73.5 per cent in the 12 months to May, up from nearly 70 per cent in April, fuelled by the impact of war, rising energy prices and a lira decline.#

The increase, however, was smaller than in previous months.

The sharpest increase in annual prices was in the transportation sector, at 107.6 per cent.

Month over month, consumer prices rose by nearly 3 per cent, TurkStat said, compared to a market forecast of 4.8 per cent. Annually, consumer price inflation was forecast to be 76.55 per cent.

Fibre2Fashion News Desk (DS)