Turkey's inflation rate up in May amid COVID-19

Alaturka Ekonomi Haberleri

By Aysu Bicer

ANKARA (AA) – Consumer prices in Turkey went up in May compared to the same month last year, the country's statistical authority announced Wednesday.

May's annual inflation rate was up 11.39% from 10.94% in April amid coronavirus, Turkish Statistical Institute (TurkStat) data showed.

A group of 18 economists polled by Anadolu Agency on Friday predicted annual inflation figures to drop to 10.90% in May.

Meanwhile, economists predicted a 0.92% monthly increase in consumer prices index, ranged between 0.50%, at its lowest, and 1.67%, at its highest.

Turkey's Central Bank revised its year-end inflation forecast to 7.4% for 2020, down from 8.2%, thanks to a cut in projections of the output gap and food inflation.

The government's year-end inflation target is 8.5% for 2020 as laid out in the government’s new economic program announced last September.

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