Turkiye’s annual inflation hits 17-month low in May

Clothing and footwear saw lowest annual price change with 19.5% in May, official figures reveal

Turkiye’s annual inflation rate was 39.59% in May 2023, hitting the lowest level since December 2021, official figures showed on Monday.

The country’s annual inflation was 36.08% in December 2021, 48.69% in January 2022, and 43.68% in April 2023, according to TurkStat’s data.

In May, the highest annual price change was seen in hotels, cafes and restaurants with 68.98%,while the lowest one was in clothing and footwear with 19.49%.

Turkiye’s monthly inflation was also at 0.04% in May, which is the lowest level since June 2019.

The statistical institute said: “In May 2023, housing with -13.79% was the main group that indicated the lowest monthly increase.

“On the other hand, clothing and footwear with 9.85% was the main group where the highest monthly increase was realized.”


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