Turkey’s annual inflation rate falls to 18.71 pct in May

[…] TurkStat said consumer prices rose by 0.95% in May on a monthly basis.

“Today’s numbers show the important decline in both producer and consumer inflation. The downward trend in inflation is continuing. We will hopefully reach our yearend targets,” Finance and Treasury Minister Berat Albayrak said.

“The highest monthly increase was 8.88% in alcoholic beverages and tobacco,” the institute said. “The […] it added.

The official figures also revealed that the 12-month average hike in consumer prices was 19.91% as of this May.

According to the latest inflation report of the Central Bank of Turkey, the year-end annual inflation would be 14.6%, hovering between 12.1% and 17.1%.

As noted in Turkey’s new economy program announced in September 2018, the country’s inflation rate target is 15.9% this year, 9.8% next year, and 6.0% in 2021.

Over the last decade, annual inflation saw its lowest level at 3.99% in March 2011, while it peaked at 25.24% […]