Türkiye's annual inflation soars to 75.45% in May

According to the Turkish Statistical Institute (TUIK), the annual inflation rate in Türkiye accelerated to a staggering 75.45% in May 2023, with a monthly increase of 3.37%.

Report informs that this marks the highest inflation level in the past 18 months, surpassing the previous peak of 84.39% recorded in November 2022.

However, a group of independent Turkish economists (ENAG) has provided an even more alarming assessment, estimating the annual inflation rate in May to be an astonishing 120.66%.

The Turkish government had previously expressed expectations that inflation would peak in May and rapidly decline starting from June.

Mehmet Simsek, the Minister of Treasury and Finance, stated that the government aims to achieve price stability and single-digit inflation rates by 2026.