Turkey's inflation rate up in May amid COVID-19

Turkey's inflation rate up in May amid COVID-19
  • Clock-gray 16:12
  • calendar-gray 03 June 2020

Consumer prices in Turkey went up in May compared to the same month last year, the country's statistical authority announced Wednesday, APA reports citing Anadolu Agency.

May's annual inflation rate was up 11.39% from 10.94% in April amid coronavirus, Turkish Statistical Institute (TurkStat) data showed.

A group of 18 economists polled by Anadolu Agency on Friday predicted annual inflation figures to drop to 10.90% in May.

Meanwhile, economists predicted a 0.92% monthly increase in consumer prices index, ranged between 0.50%, at its lowest, and 1.67%, at its highest.

Turkey's Central Bank revised its year-end inflation forecast to 7.4% for 2020, down from 8.2%, thanks to a cut in projections of the output gap and food inflation.

The government's year-end inflation target is 8.5% for 2020 as laid out in the government’s new economic program announced last September.

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