For the first time in 16 months, Turkish inflation falls below 40%
For the first time in 16 months, Turkey’s annual inflation rate fell below 40% in May, according to official figures released on Monday. This was a result of a brief offer of free gas to homeowners.
According to the nation’s statistics office, consumer prices increased by 39.6 percent on an annual basis and were almost unchanged from month to month at 0.04 percent.
Independent economists from Turkey’s Inflation Research Group (ENAG) dispute these official data, the first since President Recep Tayyip Erdogan was re-elected on May 28.
Those latter claim that, depending on whether or not the free gas offer is taken into account, yearly inflation ranges from 105 to 109 percent.
The third-term president of Turkey, Erdogan, has said that combating inflation is a high priority.
It went above 85% in the fall of 2022, then slowed down in November.
Even while costs are still going up every month, they are rising less quickly than they were a year ago.
