Turkey’s inflation rate to rise in May: Survey

ISTANBUL

Turkey's annual inflation rate is projected to rise to 17.17% in May, an Anadolu Agency survey found on Friday.

Turkey's annual inflation rate in April was 17.14%, up 0.95 percentage point from the previous month.

The Turkish Statistical Institute will announce the May consumer prices index on June 3.

A group of 14 economists polled by Anadolu Agency forecast that monthly inflation averaged at 1.39%, varying between 1.18% and 1.73%, in May.

Turkey's Central Bank increased the country's year-end inflation forecast to 12.2% for this year, up from 9.4% in its previous report.

The government's year-end inflation rate target is 8% for 2021, under the new economic program announced last September.

Since the beginning of this year, annual inflation rose steeply from 14.60% in December 2020. The figure was 14.97% in January and 15.61% in February.

*Writing by Aysu Bicer