Inflation in Turkey in May rose to a record high since November 2022 of 75.45%
Annual inflation in Turkey rose to 75.45 percent in May, which was a record high since November 2022 (then the figure was 84.39 percent). The acceleration of price growth in the country is reported Turkish Statistics Institute (TUIK).
The most significant annual increase in consumer prices was noted in the education sector (by 104.8 percent); prices for housing (by 93.2 percent), hotels, cafes and restaurants (by 92.9 percent) and tobacco and alcohol (by 86.9 percent) also increased significantly. 48 percent). In monthly terms, inflation in May 2024 amounted to 3.37 percent.
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Earlier, the Minister of Finance of the Republic, Mehmet Simsek, predicted that the peak of inflation in Turkey is expected in May, and then it will begin to decline. According to the head of the Ministry of Finance, as a result of the reforms developed by the country’s authorities, the rate of price growth will begin to decline rapidly, and by 2026 inflation will drop to single digits.
The Turkish authorities, as part of measures to combat rising prices, have decided to abandon the rental of new buildings and cars for three years. Şimşek clarified that this method of combating inflation will not be used in the event of a threat of collapse during an earthquake. For other options, in particular, “a standard will be introduced for the number of square meters per civil servant.”
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