PodcastTurkey's inflation rate up in May amid COVID-19
Consumer prices in Turkey rose in May compared to the same month last year, the country's statistical authority said on June 3. According to the TÜİK data, the lowest annual increase in inflation was 2.98 percent in communication. Larger rises were seen in alcoholic beverages and tobacco with 21.41 percent.
Anadolu Agency
Consumer prices in Turkey rose in May compared to the same month last year, the country's statistical authority said on June 3.
IMF anticipates Turkey's economy to shrink 5 percent in 2020May's annual inflation rate was up 11.39 percent from 10.94 percent in April amid the coronavirus outbreak, Turkish Statistical Institute (TÜİK) data showed.
According to the TÜİK data, the lowest annual increase in inflation was 2.98 percent in communication.
Other main sectors seeing low annual increases were recreation and culture with 3.74 percent, transportation with 6.69 percent, and clothing and footwear with 7.68 percent, it said
On the other hand, larger rises were seen in alcoholic beverages and tobacco with 21.41 percent, miscellaneous goods and services with 20.86 percent, and housing with 14.45 percent.
The lowest monthly increase was 0.16 percent in hotels, cafes, and restaurants, followed by healthcare with 0.22 percent, and food and non-alcoholic beverages with 0.24 percent.
This April Turkey's Central Bank revised its year-end inflation forecast to 7.4 percent for 2020, down from 8.2 percent, thanks to a cut in projections of the output gap and food inflation.
The government's year-end inflation target is 8.5 percent for 2020 as laid out in the government’s new economic program announced last September.