Inflation in May: 18.71 Percent

* Photograph: Ferid Demirel / bianet

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The Turkish Statistical Institute (TurkStat) announced the consumer and producer inflation figures for May 2019 today (June 3).

Accordingly, in May 2019, the Consumer Price Index (TÜFE), which is also termed consumer inflation, has increased by 0.95 percent in comparison with April 2019 and by 18.71 percent in comparison with May 2018. When the inflation figures for last month are compared with 12-month averages and the figures in December 2018, it is seen that consumer inflation has increased by 19.91 percent and 4.99 percent respectively.

As for the Domestic Producer Price Index (Yİ-ÜFE), which is also termed producer inflation, it has increased by 2.67 percent in May 2019 when compared to the previous month and increased by 28,71 percent in comparison with the same period last year. According to 12-month averages, producer inflation in May has also increased by 32.85 percent.

* Changes in consumer inflation over the course of 2018 and 2019 so far

Highest price increase in alcoholic beverages, tobacco

The highest price increase in May has been measured in alcoholic beverages and tobacco with 8.88 percent. This group has been followed by clothing and shoes by 4.09 percent, by transportation with 2.18 percent and by entertainment and culture with 1.86 percent.

On the other side, the highest fall in prices has been measured in household goods with 1.58 percent. This group has been followed by food and non-alcoholic beverages with 1.18 percent.

Considered on an annual basis, the prices of food and non-alcoholic beverages have increased by 28.44 percent over the last year.

Price increase in 267 products

While the average prices of 48 products in the consumer index have not changed in May 2019, the average prices of 267 products have increased. There has been a decrease in the average prices of 103 products.

Expectations

Economists participating in the state-run Anadolu Agency (AA) Finance's Inflation Expectation Survey anticipated that the monthly consumer inflation would be measured as 1.28 percent in May 2019.

As for the average of the annual consumer inflation expectations of economists, it was 16.01 percent. The economists participating in the survey expected that the annual inflation, which was announced as 19.50 percent in April, would fall to 19.10 percent in May. (TP/SD)