Turkey’s annual inflation rate rose at a lower-than-expected pace in May but still jumped to a 24-year high, official data showed Friday, fueled by soaring food and energy prices.
The consumer price index (CPI) rose 73.5% in the 12 months through May, up from nearly 70% in April, the Turkish Statistical Institute (TurkStat) said.
The increase, however, was smaller than in previous months, signaling that price pressure might be slowing. Russia’s invasion of Ukraine, which led to a surge in gas, oil and grain prices, has compounded the situation in import-reliant Turkey.
Treasury and Finance Minister Nureddin Nebati said monthly inflation readings are trending lower in a positive sign.
“Fight against inflation will continue to be our top priority in the coming period,” Nebati wrote on Twitter. “We will never allow our citizens to be crushed under the pressure of inflation.”
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