Annual inflation in Turkiye accelerates in May

Annual inflation in Turkiye in May accelerated to 73.5% from 69.97% in April, Report informs referring to the country’s Institute of Statistics.

“Inflation in Turkiye in annual terms accelerated in May to 73.5%,” the report says. The growth of consumer prices in just a month amounted to 2.98%.

The Central Bank of Turkiye in May raised its inflation forecast for the end of 2022 from 46.44% to 57.92%. This year, the regulator keeps the discount rate unchanged at 14%.

Last year, after several rate cuts, the depreciation of the lira accelerated sharply, which negatively affected the country’s financial system. Annual inflation against the backdrop of fluctuations in the national currency then accelerated to 36%.