Turkey Inflation May 2021

Turkey

Turkey: Inflation inches down in May

June 3, 2021

Consumer prices increased 0.89% in May over the previous month, decelerating from April's 1.68% rise. The print reflected notable increases in the prices for transportation, and clothing and footwear being partially offset by a drop in prices for recreation and culture.

Inflation came in at 16.6% in May, down from April’s 17.1%. Annual average inflation, however, rose to 14.1% in May (April: 13.7%). Core inflation came in at 17.0% in May from April’s 17.8%.

Ongoing currency weakness, exacerbated by President Erdogan’s comments that the one-week repo rate will be lowered, will continue to put upward pressure on prices, while the easing of lockdown measures from 1 June onwards should firm domestic demand and provide additional pressure. That said, while panelists expect inflation to remain elevated, they see price pressures easing from their current level.

FocusEconomics Consensus Forecast panelists expect inflation to average 15.2% in 2021, which is up 0.2 percentage points from last month’s forecast, and 11.4% in 2022.


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Turkey Inflation May 2021



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