TURKSTAT Sets May Inflation Data as 73.5 percent

The effects of the record inflation rate, which was influenced by the pandemic and war, are still being felt all over the world. According to data from the Turkish Statistical Institute (TUIK), price increases came well below market expectations in May. CPI, which is expected to increase by over 5 percent, recorded a monthly increase of 2.98 percent. Annual CPI reached 73.5 percent. Producer prices, on the other hand, increased by 132.2 percent and the PPI-CPI gap reached a historical peak.

The Turkish Statistical Institute published the May inflation report. The peak of 24 months in CPI, recorded a historical peak in the PPI-CPI ratio. While consumer prices increased by 2.98 percent in May, annual inflation rose from 69.97 percent to 73.50 percent. CPI was expected to increase by 5.49 percent monthly and 77.7 percent annually. Core inflation rose to 56 percent from 52.4 in May. Producer prices increased by 8.76 percent on a monthly basis, while annual producer prices increased by 132.16 percent. According to TURKSTAT data; In May, the CPI increased by 2.98 percent compared to the previous month, 35.64 percent compared to December of the previous year, 73.50 percent compared to the same month of the previous year and by 39.33 percent according to the twelve-month average. In May, the main groups with the highest monthly increase were alcoholic beverages and tobacco with 6.53 percent, entertainment and culture with 6.15 percent, restaurants and hotels with 5.47 percent. While an increase of 107.62 percent was recorded in transportation on an annual basis, food and non-alcoholic beverages increased by 91.63 percent and household goods by 82.08 percent.