TÜİK Announces: Annual Inflation Surpasses 75 percent

Inflation peaks as expected. According to the data released by the Turkish Statistical Institute (TÜİK), annual inflation has risen to 75.45%. The Inflation Research Group (ENAG) reported the annual inflation rate at 120.66%.

The Turkish Statistical Institute (TÜİK) released the inflation data for May. The anticipated peak in inflation was observed. According to this data, inflation in May increased by 3.37% compared to the previous month, by 22.72% compared to December of the previous year, by 75.45% compared to the same month of the previous year, and by 62.51% based on the twelve-month averages.

Compared to the same month of the previous year, the main group with the least increase was clothing and footwear at 50.85%. Conversely, the main group with the highest increase compared to the same month of the previous year was education at 104.80%.

In terms of main expenditure groups, in May 2024, the main group with the least increase compared to the previous month was communication at 1.01%. Conversely, the main group with the highest increase in May 2024 compared to the previous month was clothing and footwear at 9.60%.

Excluding unprocessed food products, energy, alcoholic beverages, tobacco, and gold, the change in the Consumer Price Index (CPI) in May was 3.77% compared to the previous month, 23.05% compared to December of the previous year, 72.99% compared to the same month of the previous year, and 66.53% based on the twelve-month averages.

ENAG: ANNUAL INFLATION AT 120%

The Inflation Research Group (ENAG), composed independently of academicians and economists, also released their inflation data for May. According to their data, the ENAG Consumer Price Index (E-CPI) increased by 5.66% on a monthly basis in May. The E-CPI showed an annual increase of 120.66%.