Türkiye's annual inflation may reach 74.9%

Türkiye's annual inflation rate is projected to reach a staggering 74.9% in May, marking the highest level in the past 18 months, according to local newspaper Dünya.

Report informs that government officials, including the president and the head of the Central Bank, have expressed their views on the anticipated inflation peak in May and expectations of a rapid decline starting from June. In April, the country's annual inflation rate dropped to 69.8% from 68.5% in March, as per data from the Turkish Statistical Institute (TÜİK).

A survey of 67 market participants from various sectors indicates an expected monthly inflation rate of 3.04% in May. If these figures are confirmed, the annual inflation rate will climb to 74.9% by the end of May, the highest since November 2022 when it reached 84.39%.

Minister of Treasury and Finance Mehmet Simsek recently stated the government's intention to achieve price stability and sustainable inflation rates by 2026.