World - Europe
Updated: June 05, 2023

Turkey’s Annual Inflation Falls Under 40 Per Cent

By Quadri Adejumo
June 05, 2023
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People shopping at a marketplace, in Kuşadası, Aydın, western Türkiye, May 12, 2023. (IHA Photo)

The annual inflation rate in Turkey fell under 40% for the first time in 16 months in May, reports said on Monday.

This is driven by a temporary measure offering free gas to households, offsetting price rises in other goods.

Consumer prices rose by 39.6% on an annual comparison, the Turkish Statistical Institute (TurkStat) data showed.

The inflation had exceeded 85% in autumn 2022 before starting to slow in November. Month-over-month, consumer prices rose 0.04% in May, the TurkStat data showed.

The domestic producer price index was up 0.65% month-over-month for an annual rise of 40.76%.

Clothing and shoe prices recorded the largest monthly increase with 9.85%, followed by restaurant and hotel prices with 7.10%.

Housing prices, which include natural gas, dropped 13.79% on a monthly basis and were the only group to record a decline last month, lowering the overall monthly reading by 2.09 percentage points.