Business
Turkey’s annual inflation rate dips below 40pct. for first time in 16 months
Turkey’s annual inflation rate dropped below 40 percent in May for the first time in 16 months, pushed down by a temporary offer of free gas to households, official data showed on Monday.
Consumer prices rose by 39.6 percent on an annual basis and were almost stable, at 0.04 percent, compared to the previous month, according to the country's statistics agency.
For all the latest headlines follow our Google News channel online or via the app.
However, these official figures — the first since President Recep Tayyip Erdogan was re-elected on May 28 — are challenged by independent economists from Turkey's Inflation Research Group (ENAG).
The latter say annual inflation stands at between 105 and 109 percent, depending on whether or not the free gas offer is taken into account.
Erdogan, who is starting a third term in office, has said tackling inflation is a top priority.
It exceeded 85 percent in autumn 2022 before starting to slow in November.
While prices continue to rise every month, they are doing so less rapidly than during the previous year.
Read more:
Turkey’s economy to return to ‘rational ground,’ new finance minister Simsek says
FACTBOX: Key figures in Erdogan’s new cabinet
Sweden, Turkey, Finland set for more Swedish NATO membership talks