Inflation in Turkey hit a record 75.45% in May

Turkey's annual inflation rate rose to 75.45% in May. This is the highest value since November 2022, Anadolu Agency reported. .
Consumer prices rose 3.37 percent in May, compared with an increase of 3.18 percent in April, according to data from the Turkish Statistical Institute. The largest monthly increase was registered in the clothing and footwear category.
"Annual inflation, which reflects the cumulative effects of the last 12 months, reached its highest level this May," Turkish Finance Minister Mehmet Şimşek said, adding that "the worst is over" and relief would begin this month .
"Turkey will enter the disinflation process in June. Annual inflation is likely to fall below 50% by the end of the third quarter," Simsek added.
"During the disinflation process, annual inflation is expected to fall to 33.2% after 12 months and to 21.3% after 24 months," the minister said, noting that expectations will come closer to the government's targets in the coming period . | BGNES