By 32.6%… an increase in the inflation rate in Türkiye during the month of May

17 hours ago

Less than a minute

By 32.6%… an increase in the inflation rate in Türkiye during the month of May

The annual inflation rate in Türkiye was recorded during the month of May Consumer prices on a monthly basis rose by 1.7%, slowing compared to 4.2% recorded in April, but this rise is still mainly driven by higher housing and water costs, as well as electricity, gas and other fuels, according to the Turkish Statistics Agency (TUIK).
The annual rate of inflation in April rose more than expected, recording 32.4% after reaching 30.9% in the previous month.

Inflation since 2021

Since December 2021, Annual inflation rates in Türkiye are below 30%, which has exacerbated the living pressures on millions of citizens. This rate peaked at more than 75% in May 2024 before beginning to decline.
According to the Istanbul Chamber of Commerce, the annual rate of inflation in Turkey’s largest city reached 36.8% in May.

Last month, the Turkish Central Bank raised its forecast for the inflation rate by the end of the year from 16% to 26% due to the rise in energy prices as a result of the war in the Middle East.
But it expected inflation to fall to 15% by the end of next year, And to only 9% in 2028.