Turkiye's inflation rises to 24-year high of 73.5% in May

Russia’s invasion of Ukraine has compounded the situation in import-dependent Turkiye.

The latest figure surpassed the 73.2 per cent touched in 2002 and is the highest since October 1998, when annual inflation was 76.6 per cent.

The increase, however, was smaller than in previous months.

The sharpest increase in annual prices was in the transportation sector, at 107.6 per cent.

Month over month, consumer prices rose by nearly 3 per cent, TurkStat said, compared to a market forecast of 4.8 per cent. Annually, consumer price inflation was forecast to be 76.55 per cent.

ALCHEMPro News Desk (DS)