Turkey official inflation surges to nearly 70%

Finance minister Şimşek says inflation will peak in May and then decline

The Central Bank of the Republic of Turkey
Photo: CBRT

Annual inflation in Turkey surged to 69.8% last month, up from 43.68% in April last year, according to data published by the Turkish statistical institute.

This was up from 68.5% in April. Finance minister Mehmet Şimşek said that this was “in line with expectations”.

“After annual inflation reaches its peak in May, it will begin to decline sharply in line with our predictions,” he said in a post on social media. 

Price rises were most pressing annually in education, recording a 103.86% increase

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