Turkey's inflation surges to 24-year high of 73.5 percent in May

The government-run Turkish Statistical Institute (TÜİK) has reported an annual inflation rate of 73.5 percent in May, the highest in the last 24 years, whereas the independent inflation group ENAG put the figure at 160.76 percent.

Friday June 03 2022 10:36 am

Duvar English

Turkey's annual inflation rate jumped to a 24-year high of 73.5% in May, according to official data on June 3, below a forecast but fuelled by war impact, rising energy prices and a lira that has tumbled since a December crisis.

Month-on-month, consumer prices rose 2.98%, the Turkish Statistical Institute (TÜİK) said.

According to unofficial data from the ENAG Inflation Research Group, an independent institution set up in 2020 to track the country’s inflation, Turkey’s annual consumer price inflation rate was 160.76% in May, far higher than official claims. ENAG also said that prices in Turkey increased by 5.46% percent month-on-month in February.

ENAGrup Tüketici Fiyat Fiyat Endeksi (E-TÜFE) Mayıs ayında %5.46 arttı.

E-TÜFE’nin son 12 aylık artışı ise %160.76 olarak gerçekleşti.
— ENAG (@ENAGRUP) June 3, 2022

Meanwhile, Istanbul Planning Agency (İPA), run by the Istanbul Metropolitan Municipality, announced that the cost of living in the city for a family of four reached 19,950 liras a month.