Annual inflation in May at 11.39%, up from 10.94% previous month, TurkStat data shows
Consumer prices in Turkey rose in May compared to the same month last year, the country’s statistical authority announced Wednesday.
May’s annual inflation rate was up 11.39% from 10.94% in April amid the coronavirus outbreak, Turkish Statistical Institute (TurkStat) data showed.
A group of 18 economists polled by Anadolu Agency on Friday predicted annual inflation figures would drop to 10.90% in May.
Economists also predicted a 0.92% monthly increase in the consumer price index, with estimates ranging between 0.50% at the lowest and 1.67% at the highest.
According to the TurkStat data, the lowest annual increase in inflation was 2.98% in communication.
Other main sectors seeing low annual increases were recreation and culture with 3.74%, transportation with 6.69%, and clothing and footwear with 7.68%, it said
On the other hand, larger rises were seen in alcoholic beverages and tobacco with 21.41%, miscellaneous goods and services with 20.86%, and housing with 14.45%.
The lowest monthly increase was 0.16% in hotels, cafes, and restaurants, followed by healthcare with 0.22%, and food and non-alcoholic beverages with 0.24%.
This April Turkey’s Central Bank revised its year-end inflation forecast to 7.4% for 2020, down from 8.2%, thanks to a cut in projections of the output gap and food inflation.
The government’s year-end inflation target is 8.5% for 2020 as laid out in the government’s new economic program announced last September.