Turkey’s annual inflation eases to 11.7 percent in May, edging back from 8-year high

ANKARA

Turkey’s annual consumer price inflation stood at 11.72 percent in May, easing off from the 8-year high that it hit a month earlier at 11.87 percent, official data showed on June 5. 

The annual rate is still far from the Central Bank’s 5 percent target.

Consumer prices rose 0.45 percent in May from the previous month, data from the Turkish Statistics Institute (TÜİK) showed. 

The highest monthly increase was 5.9 percent in clothing and footwear, according to TÜİK data. 

The highest annual increase was 21.7 percent in alcoholic beverages and tobacco. 

Food and non-alcoholic beverages followed it with 16.9 percent and transportation with 15.8 percent. 

Producer prices rose 15.26 percent year-on-year in May, and were up 0.52 percent month-on-month, the data showed.