Turkey's annual inflation rate dips under 40% for first time in 16 months
These official estimates, however, are being contested by independent economists from Turkey's Inflation Research Group (ENAG) as the first since President Recep Tayyip Erdogan was re-elected on 28 May
Turkey President Recep Tayyip Erdogan. AP
Turkey’s annual inflation rate fell below 40 per cent in May for the first time in 16 months, thanks to a brief offer of free petrol to homes, according to official figures released on Monday.
According to the country’s statistics office, consumer prices grew 39.6 per cent year on year and were nearly steady, at 0.04 per cent, compared to the previous month.
These official estimates, however, are being contested by independent economists from Turkey’s Inflation Research Group (ENAG) as the first since President Recep Tayyip Erdogan was re-elected on 28 May.
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According to the latter, yearly inflation ranges between 105 per cent and 109 per cent, depending on whether or not the free petrol offer is considered.
Erdogan, who is starting a third term in office, has said tackling inflation is a top priority.
It exceeded 85 per cent 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.
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