Yeni Camii Grand Mosque, Topkapi Palace, Hagia Sophia, Istanbul, Republic of Turkey, next to the Golden Cape on the Bosphorus
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Turkey’s inflation rate reached 75% in May, which economists expect to be the peak before prices begin to slow.
According to data from the Turkish Statistics Institute, a government agency, consumer prices increased by 75.45% year-on-year in May, up 3.37% from the previous quarter.
The industries with the largest annual price increases were education, up 104.8%, housing, up 93.2%, and hotels, cafes and restaurants, up 92.9%.
Economists had previously predicted that inflation in the country of 85 million would peak at around 75%. Türkiye has been steadily raising interest rates for years to lower prices, causing ordinary Turkish consumers to face serious financial difficulties.
Turkey’s central bank has kept interest rates at 50% since March, citing the need to continue to combat the country’s rising inflation. The bank said at the time that it “will maintain its tight monetary stance until a significant and sustained decline in the underlying trend in monthly inflation is observed.”
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