Services inflation rises 3 percent in May
ANKARA
The services producer price index (S-PPI) has increased by 2.99 percent in May from the previous month with the monthly increase in the index easing from 3.9 percent in April, data from the Turkish Statistical Institute (TÜİK) have shown.
The index rose by 28.6 percent from the end of 2022, while the year-on-year increase slowed from 71.8 percent in April to 65.47 percent in May.
The sub-index for transportation and storage services grew 1.05 percent last month, for an annualized increase of 47.6 percent.
Accommodation and food services costs soared 7.9 percent month-on-month in May, and they rose by 86.5 percent compared with the same month of 2022.
Information and communication services rose 1.2 percent month-and month and 72.5 percent year-on-year.
The index for the real estate services advanced 4.2 percent from April, which bought the annual increase to 64.9 percent.
The annual increases in eight sectors were below the increase in the headline S-PPI while in 19 sectors was above it, TÜİK said.
Consumer prices remained almost flat in May compared with April, inching up 0.04 percent thanks to a temporary offer of free gas to households.
The annual inflation rate, consequently, slowed from 43.7 percent in April to 39.59 percent in May, dropping below 40 percent in May for the first time in 17 months.
TÜİK will release the new inflation data for June on July 5.
