ANKARA, June 3 (Xinhua) — Türkiye’s annual inflation rate rose to 75.45 percent in May, the highest since November 2022, reaching the peak expected by the government and economists, according to official data released on Monday.
Consumer prices rose by 3.37 percent in May compared to an increase of 3.18 percent in April, as per data from the Turkish Statistical Institute. The highest monthly increase was recorded in the clothing and footwear category.
“Annual inflation, which reflects the cumulative effects of the past 12 months, hit its highest level this month (May),” Turkish Treasury and Finance Minister Mehmet Simsek said on Monday, adding that “the worst is over” and relief will begin this month.
Türkiye would be entering the disinflation process in June, he said on social media platform X, noting that “annual inflation will likely fall below 50 percent by the end of the third quarter.”
During the disinflation process, annual inflation is expected to go down to 33.2 percent after 12 months and 21.3 percent after 24 months, the minister said, noting that the expectations will converge closer to the government’s targets in the period ahead.
Since the middle of last year, the Turkish government has reversed its ultra-low interest rate policy and implemented a monetary tightening policy in an effort to tame the stubbornly high inflation.
