Economy in Turkey: TURKSTAT releases inflation figures for May 2023

According to TURKSTAT, consumer inflation in May was 0.04 percent monthly and 39.59 percent annually. In the decline in inflation, the application of the ‘zero price method’ by the TURKSTAT in natural gas was effective. According to ENAG, consumer prices increased by 5.68 percent monthly and 105.45 percent annually in May.

The Turkish Statistical Institute (TURKSTAT) has announced consumer inflation data for May. Consumer price increase in May 2023 was 0.04 percent compared to the previous month, 15.26 percent compared to December of the previous year, 39.59 percent compared to the same month of the previous year and 63.72 percent compared to the twelve-month averages.

The main group showing the least increase compared to the same month of the previous year was clothing and footwear with 19.49%. On the other hand, the main group with the highest increase compared to the same month of the previous year was restaurants and hotels with 68.98%.

As of the main expenditure groups, the main group that showed the least increase in May 2023 compared to the previous month was housing with -13.79%. On the other hand, the main group with the highest increase compared to the previous month in May 2023 was clothing and footwear with 9.85%.