Turkey's inflation fell to 39.6%, the best figure since 2021

Turkey's year-on-year inflation rate stood at 39.59% last May, down from 43.68% in April, marking the seventh consecutive decline in the price index and the lowest rise in prices since the end of 2021, according to data released by the Turkish Statistical Institute (Turkstat). 

Thus, the moving average of inflation over the last twelve months stood at 63.72%, down from 67.20% in April, but above the 39.33% recorded in the same month of 2022. 

On a monthly basis, the Turkish CPI rose by 0.04%, after a rise of 2.39% in April. In May 2022, the monthly price increase was 2.98%.

In the fifth month of 2023, the smallest annual price increase was 19.49% in clothing and footwear, as well as in housing, with a rise of 20.73% year-on-year. 

On the other hand, the highest year-on-year increase in prices was observed in the hotels, cafes and restaurants sector, with 68.98%, followed by the health sector, with a rise of 66.93%.