Economics
Turkey Inflation Accelerates in May on Weak Currency
- Consumer inflation rate increases to 12.2% from 10.9%
- Price gains last month were broad based as lira tumbled
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Turkey’s consumer inflation accelerated to the highest level in six months ahead of a landmark presidential election, fueled by a slump in the lira that triggered an emergency hike in interest rates.
The annual inflation rate rose to 12.2 percent in May from 10.9 percent the previous month, matching the median estimate in a Bloomberg survey. Turkey’s state statistics office said monthly inflation was 1.6 percent, in line with the median estimate in a separate survey. The lira gained.