Turkey's inflation hits 24- year high

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The Turkish Statistical Institute (TurkStat) announced the Consumer Price Index (CPI) in Turkey for May 2022 today (Jun 3).

According to TurkStat, the CPI, or the consumer inflation rate, increased by 2.98 percent month-on-month in May, whereas the annual consumer inflation rate was 73 percent when compared to May 2021.

The rent increase rate was 39.33 percent in May. Accordingly, a tenant who pays 3 thousand lira (≈181.58 dollar) rent will have to pay 1180 lira (≈71.42 dollar) more, which rises the new rent to 4 thousand 180 lira (≈253.01 dollar). (1 dollar ≈16.52 lira)

The highest annual increase in transportation

The lowest annual increase was 19.81 percent in communication. Education with 27.48 percent, clothing and footwear with 29.80 percent and health with 37.74 percent, were the other main groups where low annual increases took place.

Transportation with 107.62 percent, food and non-alcoholic beverages with 91.63 percent and furnishings and household equipment with 82.08 percent were the main groups with high annual increases.

The highest monthly increases in alcohol and tobacco

Alcoholic beverages and tobacco with 6.53 percent, recreation and culture with 6.15 percent, and hotels, cafes, and restaurants with 5.47 percent were the main groups with high monthly increases.

Finance minister: High inflation 'temporary'

Minister of Treasury and Finance Nureedin Nebati said on May 31 that they consider the high inflation rates to be temporary

"The global economy is going through a difficult time. High increases in commodity prices, problems in the supply chain and rising prices in transportation caused inflation to rise sharply all over the world." Nebati said.

(HA/TB)