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Turkey's official statistics reveal that annual inflation surged to 75.45% in May 2024, marking the highest level since November 2022 and surpassing market forecasts of a 74.8% increase, up from 69.8% the previous month.
Monthly consumer prices rose by 3.37% in May compared to March, slightly higher than the 3.31% increase recorded in the previous month.
The substantial rise in May's inflation is attributed to significant increases across various sectors. The "Education" sector saw prices soar by 104.8% annually, while housing prices surged by 93.21%. Prices in hotels, cafes, and restaurants increased by 92.94%, while transportation costs rose by 79.10%. Additionally, alcohol and tobacco products experienced an 86.48% hike, and healthcare costs rose by 77.67%.
The acceleration in inflation from April to May is primarily attributed to the sharp increase in housing and utility prices, which rose by 93.21% annually compared to 55.55% in April.
Despite the persistent inflationary pressures, Turkey's central bank opted to maintain its key interest rate at 50% during its recent meeting earlier this month. However, the central bank reaffirmed its commitment to tightening monetary policy further if necessary to combat high inflation.
The central bank anticipates that inflation will peak at around 73-75% in May before gradually declining in the second half of the year. The goal is to reach an inflation rate of 36% by the end of 2024.
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