Turkey’s annual inflation rises to 32.61% in May, exceeding market forecasts

Turkey’s annual inflation rate rose to 32.61% in May, slightly above market expectations, according to official data released Friday and reported by Asharq Al-Awsat. The consumer price index also increased 1.71% month on month, underscoring that price pressures remain strong in the Turkish economy.

The report said the latest increase was driven in part by energy price pressures, which continued to weigh on households and businesses. Inflation had been expected to ease more quickly, so the stronger-than-forecast reading suggests that price stability remains elusive despite earlier efforts to bring inflation down.

The annual figure of 32.61% marks a continuation of the upward trend in consumer prices. While the monthly gain of 1.71% may appear modest, it adds to the burden on consumers already coping with high costs for essentials such as food, transport and utilities.

For Turkish households, the persistence of elevated inflation means purchasing power remains under strain. For policymakers, the figures are important because they affect interest-rate decisions, wage negotiations and broader economic planning, especially as the government seeks to stabilize prices without slowing growth too sharply.

As reported by Asharq Al-Awsat, the May data came from official sources and showed inflation running a little hotter than economists had anticipated. That leaves open the question of how quickly the central bank will be able to regain control of price growth if energy costs and other pressures continue.