Turkish Inflation Falls to 35.4 per cent in May, Below Forecast
Turkish annual inflation dipped to 35.41 per cent in May, official data showed on Tuesday, below a Reuters poll forecast and less than half the level of more than 75 per cent that it reached a year earlier.
Month-on-month, consumer price inflation was 1.53 per cent, the Turkish Statistical Institute said, also below forecasts. In April, inflation stood at 3.0 per cent on a monthly basis and 37.86 per cent annually.
In a Reuters poll, the monthly inflation rate was expected to be 2.0 per cent in May, with the annual rate seen at 36.1 per cent.
Annual increases were led by education prices which were up 71.67 per cent on the year, while housing prices climbed 67.43 per cent. Food and non-alcoholic drinks prices rose 32.87 per cent.
Inflation is seen at around 30 per cent by end-2025, the poll showed, above a central bank forecast of 24 per cent. Economists have revised up year-end inflation forecasts since March despite the central bank’s recent tightening steps.
In March, Turkish assets suffered, with the lira touching a record low against the US dollar after Istanbul Mayor Ekrem Imamoglu – Erdogan’s chief political rival – was jailed pending trial over graft charges that he denies.
The domestic producer price index rose 2.48 per cent month-on-month in May for an annual rise of 23.13 per cent, the data showed.
Source: HDN
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