Annual inflation in Türkiye eases to 35.4% in May, lowest since 2021

By Mucahithan Avcioglu

ISTANBUL (AA) - Türkiye's annual inflation was at 35.41% in May, down from 37.86% in April, official figures from the Turkish Statistical Institute (TurkStat) said Tuesday.

The figure was the lowest Türkiye has seen since December 2021, when it was 36.08%.

The market expected the annual inflation to come in at 36.10% and monthly inflation at 2% for last month.

Consumer price index (CPI) increased by 35.41% annually and 1.53% monthly.

The highest price rises on a yearly basis were seen in education with 71.67%, housing 67.43%, and health 40.12%, according to TurkStat data.

The lowest increases were in clothing and footwear with 14.12%, communications with 19.25%, and transport with 24.59%.

TurkStat said there were three main expenditure groups with the highest weight: food and non-alcoholic beverages with inflation of 32.87%, along with transportation with 24.59%, and housing with 67.43%.

"The contributions of these main groups to the annual change were 8.25% for food and non-alcoholic beverages, 4.07% for transportation and 9.34% for housing," it added.

The monthly inflation rate was 1.53% in May, down from 3% in April.