Türkiye's annual inflation rate hits 73.50% in April

By Aysu Bicer

ANKARA (AA) - Türkiye saw a 73.50% annual hike in consumer prices in May, below market expectations, the country’s statistical authority said on Friday.

The consumer price index (CPI) saw 2.98% rise on a monthly basis, according to TurkStat data.

A group of economists taking part in Anadolu Agency's Inflation Expectation Survey predicted CPI would rise 5.49% in May, while they forecast annual inflation would climb to 77.72%.

The lowest annual increase was 19.81% in the communication sector.

Other low annual increases were seen in education with 27.48%, clothing and footwear with 29.80%, and health with 37.74%.

On the other hand, large annual rises were seen in transportation with 107.62%, food and non-alcoholic beverages with 91.63%, and furnishings and household equipment with 82.08%.

Türkiye had seen a 69.97% annual hike in consumer prices in April, according to the TurkStat data, with annual inflation projected to hit 42.8% by the end of 2022 and 12.9% by the end of next year.