Turkey’s annual inflation rate showed a slight increase in May to 32.6% from 32.4% in April, official figures showed today.<\/p>\n
On a monthly basis, consumer prices in Turkey climbed 1.7%, a slowdown from the 4.2% increase in April, but still driven mainly by increases in housing and water costs as well as electricity, gas and other fuels, the TUIK statistics agency said.<\/p>\n
In April, the year-on-year rate had jumped more than expected, reaching 32.4% after 30.9% a month earlier.<\/p>\n
Turkish annual inflation figures have remained above 30% since December 2021, making life increasingly more expensive for millions of people.<\/p>\n
The figure peaked at over 75% in May 2024 before starting to ease.<\/p>\n
According to the Istanbul Chamber of Commerce (ITO), the annual rate for May was 36.8% in Turkey’s largest city.<\/p>\n
Last month, Turkey’s central bank raised its year-end inflation forecast to 26% from 16% because of higher energy prices due to the Middle East war.<\/p>\n
But it predicted inflation would fall to 15% by the end of next year and to just 9% in 2028<\/p>\n","protected":false},"excerpt":{"rendered":"Turkey’s annual inflation rate showed a slight increase in May to 32.6% from 32.4% in April, official figures…\n","protected":false},"author":2,"featured_media":484506,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[72,113,61,60],"class_list":["post-484505","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-ie","tag-ireland"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/484505","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=484505"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/484505\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/484506"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=484505"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=484505"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=484505"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}