Turkey Inflation Eases To 35.41%, Lowest In 42 Months

(RTTNews) - Turkey's consumer price inflation eased further in May to the lowest level in three-and-a-half years, figures from the Turkish Statistical Institute showed on Tuesday.

Consumer price inflation softened to 35.41 percent in May from 37.86 percent in April.

This was the lowest rate since November 2021, when prices had risen 21.31 percent. The rate was forecast to slow to 36.1 percent.

The annual price growth in food and non-alcoholic beverages eased to 32.87 percent from 36.09 percent. Similarly, price growth in housing and utilities moderated to 67.43 from 74.07 percent. Clothing and footwear prices showed a slower increase of 14.12 percent versus 16.92 percent a month ago.

On a monthly basis, inflation softened to 1.53 percent from 3.0 percent in the previous month.

Another report from the statistical office showed that producer prices climbed 23.13 percent in May from a year ago versus 22.50 percent a month ago.

Prices of mining and quarrying climbed 28.11 percent, and manufacturing reported a 22.99 percent rise. Producer prices of electricity, gas, steam, and air conditioning grew 19.83 percent and advanced 57.57 percent for water supply.

Month-on-month, producer prices moved up 2.48 percent after rising 2.76 percent in the prior month.