Turkey Inflation Rate Climbs to 75%

The annual inflation rate in Turkey climbed to 75.45% in May 2024, accelerating from 69.80% in the previous month and more than market forecasts of 74.80%.

It was the highest reading since November 2022, mainly driven by a surge in prices for housing & utilities (93.21% vs 55.55% in April).

At the same time, inflation went up for food & non-alcoholic beverages (70.14% vs 69.80%), and furnishings, household equipment, & routine maintenance (69.34% vs 67.88%).

On the other hand, prices primarily slowed for hotels, cafes & restaurants (92.94% vs 95.82%), clothing & footwear (50.85% vs 51.20%), and transport (79.10% vs 80.39%).

Meanwhile, the core inflation slowed to 74.98% compared to 75.81% in the prior period.

On a monthly basis, the CPI grew 3.37%, up from a 3.31% rise in April.