Inflation in Turkey topped 75% in May in what economists expect to be the peak before prices start to ease.

KEY POINTS

  • Consumer prices rose 75.45% in May on an annual basis and 3.37% on a monthly basis, according to the Turkish Statistical Institute, a government agency.
  • The sectors seeing the steepest annual consumer price rises were education at 104.8%, housing at 93.2%, and hotels, cafes and restaurants at 92.9%.
  • Economists had previously forecast that inflation in the country of 85 million would peak around 75% before beginning to ease.