Saturday, June 22, 2024

Turkish inflation fell to 39.6% in May, the lowest in a year and a half

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Inflation is falling in Türkiye

Turkey’s annual inflation fell to 39.59 percent in May, the lowest level in about a year and a half, broadly based on expectations for the month President Recep Tayyip Erdogan won re-election.

Consumer prices rose 0.04 percent in May from the previous month, compared with expectations for a 0.2 percent decline in a Reuters poll.

The survey predicts that consumer price inflation will rise 39.2 percent year-on-year and reach 45 percent by the end of the year.

Inflation worsened due to the lira crisis that began at the end of 2021 and reached a 24-year high last October when it reached 85.51 percent.

According to data from the Turkish Statistical Institute, the domestic producer price index rose 0.65 percent month-on-month in May, up 40.76 percent year-on-year.

The Turkish lira fell one percent on Monday to 21 lira to the dollar, a weak first reaction to the appointment of Mehmet Simcek, who is highly regarded as Turkey’s finance minister.

The Turkish lira traded at 21.1 against the dollar in Asian financial markets. The price is not far from the lows recorded against the dollar last week, reaching 21.8 per dollar.

Observers believe Simcek’s appointment could end years of unorthodox economic policies under Erdogan’s rule, which have been characterized by high inflation rates and lowering interest rates despite state control of markets.

Turkey.. the new government officially assumed its duties

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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